The Federal Government has announced plans to launch two new investment funds in 2026, specifically aimed at boosting Nigeria’s technology and creative industries.
The initiative is part of the broader Investment in Digital and Creative Enterprises (iDICE) programme, which is designed to support startups and empower young entrepreneurs across the country.
The announcement was made alongside the formal kick-off of a new venture fund, which has already achieved a significant financial milestone.
Last Thursday, the fund secured a first-round close of $64 million based on commitments from investors. The government has appointed Ventures Platform, a pan-African seed-stage fund, to manage the technology component of these investments.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described the commencement of investing as a pivotal moment.
He stated that the launch is “an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda.”
The new fund has attracted support from major institutional investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII). The consortium is now targeting a final close of $75 million.
Explaining the strategic move, the Managing Director and CEO of the Bank of Industry, Dr Olasupo Olusi, said that by investing in Ventures Platform’s Fund II, authorities are “deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors.”
He emphasised that this would be achieved by “catalysing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem.” Dr Olusi added that the development is expected to “contribute meaningfully to the nation’s broader economic transformation agenda, with goals to create jobs at scale and empower high-growth entrepreneurs across the country.”
Kola Aina, Founding Partner at Ventures Platform, expressed confidence in the partnership. “We are delighted to have been selected as the iDICE Technology Fund Manager,” he said, “partnering with the Federal Government of Nigeria and other key stakeholders to achieve our collective goal of supporting Nigeria’s young entrepreneurs and innovators to bring their innovative ideas and solutions to life—creating deep value and transforming the country’s economy.”
Looking ahead to 2026, the iDICE programme confirmed it “will launch two additional funds: a creative sector fund that will invest in creative sector start-ups and a ‘fund of funds’ that will invest in smaller funds supporting technology and creative sector startups.”
The iDICE programme is a $617 million initiative supported by financing from the African Development Bank Group (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (AFD).
The Bank of Industry serves as the co-investor and implementing agency. The programme focuses on three key areas: skills and enterprise development, expanding access to finance, and creating an enabling environment through pro-business policies.
Discussion about this post