Nigeria and Japan have launched a strategic venture capital initiative to channel Naira-denominated investments into high-growth startups, shielding them from currency risks while providing access to long-term concessional financing. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, met on Wednesday in his office in Abuja with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalize the framework for the fund, which has now received formal approval from the Japanese government. NSIA CEO Aminu Umar-Sadiq confirmed that the initiative meets two key conditions set by the minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment. “With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative,” Umar-Sadiq said. JICA Director General Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected soon after. The Coordinating Minister of the Economy welcomed the development, describing it as a timely response to Nigeria’s youthful demography. “This fund provides critical financial backing across the capital structure—from equity to debt—and aligns with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth,” he said. By combining international concessional financing with domestic currency stability, the fund introduces a new model for venture capital in Africa, aimed at empowering the next generation of Nigerian innovators.