The Federal Government has announced plans to introduce two new investment funds in 2026 under the Investment in Digital and Creative Enterprises (iDICE) programme to boost Nigeria’s technology and creative sectors.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, said the move represents a key milestone in the government’s ongoing effort to harness the innovative potential of Nigerian youth under the Renewed Hope Agenda.
The announcement followed the successful first-round close of $64 million secured by the new iDICE-backed venture fund managed by Ventures Platform, a leading pan-African seed-stage investment firm.
Ventures Platform was appointed as Fund Manager for iDICE’s technology component in August 2025 after a competitive selection process supervised by the programme’s funding partners.
The fund attracted major institutional investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII), and is targeting a final close of $75 million.
Speaking at the event, Vice President Shettima described the fund’s launch as “an exciting milestone and a leap forward in the government’s commitment to unlocking the creativity and innovation of Nigeria’s young people.”
Also commenting, the Managing Director of the Bank of Industry (BoI), Dr Olasupo Olusi, said the initiative aligns with the Federal Government’s broader economic transformation agenda.
He explained that by investing in Ventures Platform’s Fund II, the iDICE programme would accelerate the growth of high-potential, technology-enabled enterprises, creating jobs and empowering entrepreneurs across the country.
In his remarks, Ventures Platform’s Founding Partner, Mr Kola Aina, expressed optimism about the collaboration, noting that the partnership would “support Nigeria’s young innovators to bring their ideas to life, generate deep value, and transform the economy.”
The iDICE programme, a $617 million initiative launched by the Federal Government, focuses on three strategic pillars: skills and enterprise development, access to finance, and creation of an enabling environment through policy and legislation.
Under its 2026 plans, iDICE will launch two additional funds — a creative sector fund to support startups in film, music, and design, and a “fund of funds” to invest in smaller funds targeting both technology and creative enterprises.
The programme is jointly financed by the African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (AFD), with the Bank of Industry serving as co-investor and implementing agency.
Since its inception in 2016, Ventures Platform has backed over 90 startups across Africa, including Paystack, PiggyVest, Moniepoint, and LemFi.
