9 hours ago
Japan Govt Plans to Boost Support for Startups Advancing into Nigeria, Scheme Expected to Support Economic Growth in Both Countries
The Japanese government plans to strengthen support for startups expanding into the Nigerian market as part of economic support measures for the country, according to government sources. Prime Minister Shigeru Ishiba is expected to announce the plan during a Japan-Nigeria summit meeting slated for Thursday on the sidelines of the Ninth Tokyo International Conference on African Development scheduled to start Wednesday in Yokohama, they said.
Nigeria, whose population of more than 200 million people makes it the most populous nation in Africa, has recently been increasing its support for startups as a measure to reduce its dependence on crude oil exports.
Japan's support measures are designed not only to boost Nigeria's economic growth but also to foster the development of startups, which will in turn contribute to the growth of the Japanese economy.
Specifically, a new base will be established in the Nigerian capital, Abuja, to connect business officials and government agencies from both countries. This will offer a foothold for startups in sectors like manufacturing and finance, allowing them to establish themselves in the country.
Japan is also considering investing in a fund set up by the Nigerian government to help Japanese companies access local capital more easily. This would be the first time Official Development Assistance has been used to invest in a foreign government's fund.
Additionally, the government intends to implement support for improving business plans and fostering exchanges with local Nigerian entrepreneurs.
