The federal government has unveiled plans to launch two new investment funds aimed at supporting startups in Nigeria’s technology and creative sectors under the Digital and Creative Enterprises (iDICE) programme.
The announcement was made by vice president Kashim Shettima, chairman of the iDICE Steering Committee, who described the initiative’s formal kick-off as a significant milestone for leveraging the potential of Nigerian youth.
The programme’s first anchor investment, a new venture fund managed by Ventures Platform, a pan-African seed-stage fund, achieved a $64 million first-round close based on investor commitments last Thursday November 6.
Ventures Platform was appointed as the Fund Manager for iDICE’s technology fund in August 2025 following a competitive selection process.
The fund’s investors include the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII).
The initial $64 million first close targets a final close of $75 million.
Shettima stated, “The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the federal government, under president Bola Ahmed Tinubu, to unleash the full potential of Nigeria’s young people, in line with the Renewed Hope agenda.”
Olasupo Olusi, managing director of Bank of Industry (BoI), highlighted that the investment in Ventures Platform’s Fund II will strengthen the Federal Government’s objective of scaling the Nigerian technology and creative sectors.
The fund aims to catalyze strategic investments in high-growth, technology enabled enterprises, creating jobs and empowering entrepreneurs nationwide.
Kola Aina, founding partner of Ventures Platform, expressed confidence in the partnership, saying, “We are delighted to be selected as the iDICE technology fund manager, partnering with the Federal Government and other stakeholders to support Nigeria’s young innovators in bringing their ideas to life and creating meaningful economic impact.”
The iDICE programme operates across three broad areas: Skills and enterprise development building a community of highly skilled talent, Access to finance providing equity, quasi-equity, debt funding, and capacity-building grants, Enabling environment – creating pro-business policies and legislation.
In addition to the technology fund, iDICE plans to launch a creative sector fund for startups in arts and culture, and a fund of funds that will invest in smaller funds supporting technology and creative sector startups.
Launched with a total budget of $617 million, iDICE supports Nigerians aged 15–35, providing skills, resources, and investment opportunities to enhance employability, foster innovation, and cultivate entrepreneurship.
The programme is backed by the African Development Bank (AfDB), Islamic Development Bank (IsDB), and the French Development Agency (AFD), with the Bank of Industry serving as co-investor and implementing agency.
Since its founding in 2016, ventures platform has invested in over 90 startups across Africa, including notable names such as Paystack, Piggyvest, Moniepoint, and LemFi.
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