The Federal Government has unveiled plans to introduce two new investment funds under its Investment in Digital and Creative Enterprises (iDICE) programme, aimed at accelerating growth in Nigeria’s technology and creative industries by 2026.
A statement released on Monday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), said the new funds would provide strategic support for startups nationwide as part of ongoing efforts to promote innovation and youth empowerment.
Nkwocha explained that the development follows a milestone achievement in the iDICE initiative, with Vice President Kashim Shettima, who chairs the programme’s Steering Committee, confirming the official commencement of investments through an anchor venture fund managed by Ventures Platform, a pan-African seed-stage investment firm.
He revealed that the fund has raised $64 million in its initial round, attracting backing from institutional investors such as the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII). The fund aims for a final close of $75 million.
The statement added, “Vice President Kashim Shettima emphasised earlier that the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda.”
The Managing Director of the Bank of Industry (BoI), Dr. Olasupo Olusi, said the investment into Ventures Platform’s Fund II underscores the administration’s commitment to expanding opportunities in the tech and creative ecosystem.
“By investing in this fund, we are catalysing high-growth, technology-enabled enterprises that will drive job creation and advance Nigeria’s broader economic transformation,” Olusi stated.
Also speaking, Kola Aina, Founding Partner of Ventures Platform, described the partnership as a boost for Nigeria’s young innovators. He said it would “support Nigeria’s young entrepreneurs and innovators to bring their ideas to life, create value, and transform the economy.”
The iDICE programme, valued at $617 million, is designed to support young Nigerians aged 15 to 35 by improving access to finance, enterprise development opportunities, and a conducive business environment.
Backed by the African Development Bank (AfDB), Islamic Development Bank (IsDB), and the French Development Agency (AFD), the programme lists the Bank of Industry as co-investor and implementing agency.
As part of its 2026 agenda, iDICE will roll out two additional financing mechanisms — a Creative Sector Fund, dedicated to startups in the creative industry, and a Fund of Funds, which will invest in smaller funds targeting both tech and creative enterprises.
Advertisement
