The Federal Government has announced plans to establish two additional investment funds for Nigeria’s technology and creative industries under the Investment in Digital and Creative Enterprises (iDICE) programme. The new funds, expected to launch in 2026, aim to scale up investments in startups nationwide.
The announcement follows the formal kick-off of the iDICE investment initiative, which includes an anchor investment in a new venture fund managed by Ventures Platform, a pan-African seed-stage fund. The fund secured a $64 million first close from investors last Thursday and targets a final close of $75 million.
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Vice President Kashim Shettima, Chair of the iDICE Steering Committee, described the development as a significant milestone that aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, emphasizing the administration’s commitment to unlocking the potential of Nigerian youth.
“The commencement of investing by iDICE is an exciting milestone and a leap forward in our collective effort to unleash the full potential of Nigeria’s young people,” the Vice President said.
The Managing Director and CEO of the Bank of Industry (BoI), Dr. Olasupo Olusi, noted that the investment in Ventures Platform’s Fund II underscores the Federal Government’s commitment to accelerating growth in the tech and creative sectors.
He added that the move would catalyse investments in high-growth, technology-enabled enterprises and contribute to national economic transformation through job creation and innovation.
Ventures Platform Founding Partner, Kola Aina, expressed confidence in the collaboration, saying: “We are delighted to have been selected as the iDICE Technology Fund Manager.
This partnership reflects our shared vision of empowering young Nigerian entrepreneurs to turn their innovative ideas into transformative businesses.”
According to the statement, iDICE will, in 2026, launch two additional funds — a Creative Sector Fund, targeting startups in the creative industry, and a Fund of Funds, which will invest in smaller venture funds supporting technology and creative sector startups.
The $617 million iDICE programme, launched by the Federal Government, supports Nigerians aged 15–35 with skills, resources, and financing in the digital and creative economy.
It is jointly financed by the African Development Bank (AfDB), Islamic Development Bank (IsDB), and French Development Agency (AFD), with the Bank of Industry serving as co-investor and implementing agency.
Since its inception in 2016, Ventures Platform has invested in over 90 startups across Africa, including Paystack, Piggyvest, Moniepoint, and LemFi.
