The Federal Government has launched a $170.6 million Investment in Digital and Creative Enterprises (iDICE) Fund, marking a significant step toward strengthening Nigeria’s startup ecosystem and accelerating growth in the country’s digital economy.
The fund, implemented through the Bank of Industry (BOI) in partnership with Kuramo Capital, is designed to improve access to finance for technology startups, digital businesses, and creative enterprises with high growth potential. It is expected to support innovation, stimulate entrepreneurship, and create sustainable employment opportunities, particularly for young Nigerians.
Speaking at the launch, government officials described the initiative as part of the country’s broader strategy to position Nigeria as Africa’s leading hub for technology and innovation. They noted that easier access to funding remains one of the biggest challenges facing startups and emerging businesses, making the iDICE Fund a critical intervention for the sector.
The financing programme will provide equity investments, debt financing, and other financial instruments to help promising startups scale their operations, commercialise innovative solutions, and compete in regional and global markets.
The initiative is backed by several international development partners, including the African Development Bank (AfDB), the Islamic Development Bank (IsDB), the Agence Française de Développement (AFD), and the Bank of Industry, reflecting strong international confidence in Nigeria’s innovation ecosystem.
Experts believe the fund will encourage greater private-sector investment in technology-driven businesses while fostering innovation across sectors such as fintech, health technology, agritech, education technology, digital media, and the creative economy.
Beyond financing, the programme is expected to strengthen entrepreneurship by supporting business incubation, mentorship, capacity building, and investment readiness for startups seeking to expand their operations.
Industry stakeholders have welcomed the initiative, describing it as a timely intervention that could unlock new opportunities for innovators, increase digital inclusion, and contribute to economic diversification beyond the oil sector.
As Nigeria continues to implement policies aimed at advancing digital transformation, the iDICE Fund is expected to play a pivotal role in supporting homegrown innovation, attracting investment, and reinforcing the country’s position as one of Africa’s fastest-growing technology markets.
