Reported by: Ime Richard Aondofa | Edited by: Henry Owen
The Federal Government of Nigeria has announced plans to introduce two new investment funds in 2026 under its Investment in Digital and Creative Enterprises (iDICE) programme, aimed at supporting startups in the technology and creative industries.
The initiative, which is chaired by Vice President Kashim Shettima, marks another major step in the government’s efforts to strengthen innovation, youth empowerment, and digital entrepreneurship across the country. It follows the successful first-round investment of $64 million, managed by Ventures Platform, a pan-African seed-stage fund. The new fund is targeting a final close of $75 million and is backed by leading global partners including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII).
Speaking on the development, Vice President Kashim Shettima described the move as a major milestone in Nigeria’s drive toward inclusive economic growth. “The commencement of investing by iDICE is an exciting milestone and a leap forward in our efforts to unleash the full potential of Nigeria’s young people, in line with the Renewed Hope agenda,” he stated.
In his remarks, Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BOI), said the programme is designed to create large-scale job opportunities, support high-growth entrepreneurs, and accelerate Nigeria’s broader economic transformation. He added that the initiative would catalyze strategic investments in innovative, technology-driven enterprises across the country.
The $617 million iDICE programme is backed by the African Development Bank (AfDB), Islamic Development Bank (IsDB), and the French Development Agency (AFD), with the Bank of Industry serving as co-investor and implementing agency. The programme focuses on three key areas — skills and enterprise development, access to finance, and pro-business reforms — to nurture innovation and expand opportunities for young Nigerians in the fast-growing tech and creative sectors.
Through these initiatives, the Federal Government aims to build a vibrant startup ecosystem that will not only empower young innovators but also position Nigeria as a major player in Africa’s digital and creative economy.
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