By Our Reporter
The Federal Government will introduce two new investment funds in 2026 to expand financing for technology and creative startups under the Investment in Digital and Creative Enterprises (iDICE) programme.
According to a statement from the Office of the Vice President, the new funds will include a dedicated creative sector fund and a “fund of funds” to support multiple smaller investment vehicles. The initiative is aimed at improving access to capital for young innovators and boosting job creation under President Bola Tinubu’s economic agenda.
The announcement follows a $64 million first close of the iDICE technology venture fund, managed by Ventures Platform, which is targeting a final close of $75 million. The fund includes investment participation from the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment.
Vice President Kashim Shettima described the development as a major step in advancing Nigeria’s innovation economy, saying the programme is designed to unlock the potential of young entrepreneurs.
The Bank of Industry, which serves as a co-investor and implementing agency for iDICE, said the initiative will significantly support high-growth startups and contribute to broader economic transformation.
The $617 million iDICE programme, backed by financing from the African Development Bank, Islamic Development Bank and the French Development Agency, focuses on skills development, expanded financing access, and policy reforms to improve the business environment.
Ventures Platform has previously invested in more than 90 African startups, including Paystack, Piggyvest, Moniepoint and LemFi.