The Federal Government has unveiled plans to introduce two new investment funds in 2026 under its Investment in Digital and Creative Enterprises (iDICE) programme, aimed at accelerating growth in Nigeria’s technology and creative industries.
According to a statement released on Monday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice President, the funds will focus on strategic investments in startups nationwide to foster innovation, job creation, and youth empowerment.
Nkwocha noted that the announcement follows a key milestone in the iDICE initiative, as Vice President Kashim Shettima, who chairs the programme’s Steering Committee, confirmed the formal commencement of investments through an anchor venture fund managed by Ventures Platform, a leading pan-African seed-stage investment firm.
The fund has already secured $64 million in its first closing round, attracting institutional investors such as the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII), with a target final close of $75 million.
“The commencement of investing by iDICE marks an exciting milestone and a bold step forward in the Federal Government’s mission, under President Bola Ahmed Tinubu’s Renewed Hope Agenda, to unlock the full potential of Nigeria’s youth,” the statement quoted Vice President Shettima as saying.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry (BoI), highlighted that the government’s investment in Ventures Platform Fund II underscores its dedication to expanding opportunities in the nation’s tech and creative ecosystems.
“By investing in this fund, we are catalysing high-growth, technology-driven enterprises that will stimulate job creation and power Nigeria’s broader economic transformation,” Olusi said.
Kola Aina, Founding Partner at Ventures Platform, welcomed the partnership, expressing optimism that it would empower young Nigerian innovators to transform ideas into impactful businesses.
Valued at $617 million, the iDICE programme supports Nigerians aged 15 to 35 through access to finance, enterprise development, and a more enabling business environment. It 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.
As part of its 2026 rollout, iDICE will debut two new funding mechanisms:
The Creative Sector Fund, dedicated to startups within Nigeria’s creative economy, including film, music, design, and digital content.
A Fund of Funds, which will invest in smaller venture and impact funds that support early-stage tech and creative enterprises.
These initiatives reaffirm the government’s commitment to nurturing a vibrant innovation ecosystem and positioning Nigeria as a leader in Africa’s digital and creative economies.