Federal Govt To Launch 2 New Investment Funds For Startups

The Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) programme has announced plans to launch two additional funds for the technology and creative sectors in 2026, targeting investments in Nigerian start-ups nationwide.

The announcement comes as the Chair of the iDICE Steering Committee, Vice President Kashim Shettima, described the formal kick-off, featuring an anchor investment in a new venture fund by Ventures Platform, a pan-African seed-stage fund, as an exciting milestone that will leverage the potential of Nigerian youth.

The new funding achieved a $64 million first-round close based on investor commitments last Thursday.

According to a statement by the spokesman for the Vice President, Stanley Nkwocha, Ventures Platform was appointed as the Fund Manager for the technology component of iDICE in August 2025, following a competitive bidding process supervised by the funding partners.

With this development, iDICE joins other institutional investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII) in the new fund, which has achieved a $64 million first close and targets a final close of $75 million.

Vice President Shettima emphasised earlier that “the commencement of investing by iDICE 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.”

Responding to the development, the MD/CEO of Bank of Industry, Dr Olasupo Olusi, said that by investing in Ventures Platform’s Fund II, authorities were deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem.

According to him, the development will make a meaningful contribution to the nation’s broader economic transformation agenda, with the goal of creating jobs at scale and empowering high-growth entrepreneurs across the country.

Kola Aina, Founding Partner at Ventures Platform, expressed confidence in the partnership, saying, “We are delighted to have been selected as the iDICE Technology Fund Manager, 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.”

The iDICE programme is being implemented across three broad areas: skills and enterprise development, focused on building a community of highly skilled talent; expanding access to finance through equity, quasi-equity, debt capital funding, and capacity-building grants; and creating an enabling environment through pro-business policies and legislation.

In addition to its technology-focused investments in 2026, iDICE announced 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.”

iDICE is a $617 million programme launched by the Federal Government of Nigeria to support young Nigerians aged 15-35 with skills and resources in the technology and creative economy sectors, aiming to increase employability, foster innovation, and create new entrepreneurs.

It is supported by financing from the African Development Bank Group (AfDB), Islamic Development Bank (IsDB), and the French Development Agency (AFD), with the state-owned 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 Paystack, PiggyVest, Moniepoint, and LemFi.