The Federal Government has revealed plans to launch two additional funds for Nigerian startups in 2026. This development, under the Investment in Digital and Creative Enterprises (iDICE) programme, follows the federal government's participation in a $64 million investment in Venture Platform.
According to a statement released by the Federal Government through the Senior Special Assistant to the Vice President on Media & Communications, Stanley Nkwocha, this move demonstrates the government’s commitment to unlocking the potential of young Nigerians. The two new funds, slated for rollout next year, will specifically target the technology and creative sectors, aiming to scale investments in Nigerian startups nationwide.
The Chair of the iDICE Steering Committee, Vice President Kashim Shettima, highlighted that this initiative is a key component of President Bola Tinubu’s ambition to empower Nigerian youths under the Renewed Hope Agenda. He stated that the Federal Government intends to upscale the Nigerian technology and creative sectors by catalysing strategic investments in technology-enabled enterprises.
"The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Federal 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."
Details of the New Funds
The federal government further explained that the new investments by iDICE will include a dedicated creative sector fund designed to invest directly in creative sector startups. Additionally, a 'fund of funds' will be established, which will invest in smaller funds that provide support to technology and creative sector startups.
This initiative is seen as a crucial starting point and a significant milestone that will propel the potential of Nigerian youth.
iDICE is a $617 million programme initiated by the Federal Government of Nigeria. Its primary objective is to support young Nigerians aged 15 to 35 by providing them with skills and resources in the technology and creative economy sectors. The initiative aims to enhance employability, foster innovation, and cultivate new entrepreneurs within the country.
Federal Government's Investment in Venture Platform
Recently, the federal government, through the iDICE program, contributed to an investment round for Ventures Platform, a pan-African venture capital firm that focuses on seed-stage startups.
The iDICE program, implemented by the Bank of Industry (BOI), is focused on supporting high-growth enterprises that possess the capacity to create jobs and scale innovation.
Ventures Platform is recognized as one of Africa’s leading seed-stage venture capital firms. This funding round marked the first close of its Pan-African Fund II, with a total target of $75 million. The fund is intended to enhance seed investments, facilitate Series A rounds, and broaden the firm’s presence across the African continent.
The federal government believes this development will contribute substantially to Nigeria’s overall economic transformation agenda. It holds the potential to elevate ambitions for job creation and empower high-growth entrepreneurs throughout the country.
Founded in 2016, Ventures Platform has made investments in over 90 startups, including notable companies such as Moniepoint, Piggyvest, LemFi, and Paystack. The firm has garnered international recognition and secured significant follow-on funding.