FG Launches $64m Tech Fund, Plans Two New Startup Schemes
Nigeria’s tech and creative industries are set for a fresh wave of capital injection as the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) programme officially begins its investment phase, securing $64 million in first-round commitments and announcing two new funds for 2026.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described the milestone as an exciting step toward unlocking the potential of young Nigerians under President Bola Ahmed Tinubu’s Renewed Hope agenda. According to him, “The start of iDICE’s investments signals our government’s determination to support youth-driven innovation and entrepreneurship across the country.”
The first fund reached a $64 million first close last Thursday, backed by major institutional investors including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII). At the centre of this effort is Ventures Platform, the pan-African early-stage venture capital firm appointed in August 2025 as the fund manager for iDICE’s technology component after a competitive selection process. The fund targets a final close of $75 million to boost high-potential Nigerian startups in both tech and creative sectors.
Looking ahead, iDICE plans to launch two additional investment vehicles in 2026: a Creative Sector Fund focused on early-stage ventures in Nigeria’s creative economy, and a Fund of Funds that will invest in smaller venture funds supporting startups nationwide. Together, these initiatives aim to deepen the country’s innovation pipeline and close funding gaps for emerging founders across regions.
Backed by $617 million in financing from the African Development Bank Group (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (AFD), iDICE is implemented in partnership with the Bank of Industry (BoI), which serves as co-investor and implementing agency. BoI Managing Director Olasupo Olusi said the investment reinforces the government’s commitment to scaling Nigeria’s technology and creative sectors through strategic support for high-growth, tech-enabled businesses. “This effort aligns with Nigeria’s broader economic transformation goals, including mass job creation and empowering entrepreneurs nationwide,” he added.
Ventures Platform, founded in 2016 by Kola Aina, has invested in more than 90 African startups, including Paystack, Piggyvest, Moniepoint, and LemFi. Aina expressed pride in being selected as iDICE’s technology fund manager, noting the firm’s readiness to help young innovators turn their ideas into impactful solutions that drive national growth. “This partnership is about helping Nigeria’s young entrepreneurs bring their ideas to life, creating deep value and transforming the economy,” he said.
Beyond capital, iDICE focuses on three core areas: building skilled digital and creative talent, expanding access to finance through equity and grants, and shaping a policy environment that supports innovation. The goal is to equip Nigerians aged 15 to 35 with the tools, capital, and environment they need to thrive in the digital and creative economy.
The formal kickoff of iDICE’s investment phase marks a strong signal to local and global investors that Nigeria remains an attractive destination for innovation funding. It also reflects a growing collaboration between government, development finance institutions, and private investors, a partnership built on a shared belief in the country’s youth as the driving force of Africa’s digital future.
As Vice President Shettima put it, “This is not just about capital, it’s about confidence in Nigeria’s youth and their ability to create, innovate, and lead Africa’s digital transformation.”