Quick Read:
- NSIA has opened applications for a manager to run the NSIA-JICA Impact Innovation Fund
- The $50 million onshore fund targets pre-seed to pre-Series A Nigerian startups
- Japan’s JICA is putting in $14 million as a grant, with NSIA matching up to $20 million
- Priority sectors: agriculture, healthcare, education, energy, and waste and water management
The Nigeria Sovereign Investment Authority has thrown open the doors for qualified fund managers to pitch for the job of running its newest bet on Nigerian innovation, a $50 million venture capital fund co-built with Japan’s International Cooperation Agency (JICA).
The Nigeria Sovereign Investment Authority, through an invitation for expressions of interest from qualified firms, is looking for a manager to steer the NSIA-JICA Impact Innovation Fund, an onshore vehicle designed to give early-stage Nigerian founders a real shot at growth capital.
The numbers tell the story of a genuinely collaborative bet on Nigeria’s startup ecosystem. JICA has committed $14 million in grant funding, while NSIA is contributing up to $20 million as anchor investor on a matching basis. That structure is designed to pull in additional private capital and stretch the fund’s firepower well beyond its initial commitments.
Founders in the earliest and often hardest-to-fund stages of their journey stand to benefit most. The fund will target pre-seed to pre-Series A startups operating in agriculture, healthcare, education, energy, and waste and water management, sectors where Nigeria’s development challenges and business opportunities frequently intersect.
Whoever lands the mandate won’t just be writing cheques. The selected fund manager’s mandate will include building a pipeline of investable startups, carrying out due diligence, structuring and managing investments, supporting portfolio companies, and managing reporting requirements, a full-service role spanning sourcing, execution, and aftercare for the companies that make it into the portfolio.
For a market where early-stage capital remains scarce relative to demand, the move by the Nigeria Sovereign Investment Authority signals a deliberate push to de-risk investment into Nigeria’s next generation of startups, using blended public and development finance to crowd in more serious capital.
