FG to launch $75m startup fund, expand $617m iDICE programme in 2026

The Federal Government will in 2026 unveil two new investment funds to further boost Nigeria’s technology and creative industries under its $617 million Investment in Digital and Creative Enterprises (iDICE) programme.

This was disclosed in a statement issued on Monday by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha.

The announcement follows a milestone in the implementation of iDICE, with Vice President Kashim Shettima confirming the commencement of investments through a new anchor venture fund managed by Ventures Platform, a pan-African seed-stage investment firm.

The fund has already secured $64 million in its first close with participation from the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII), among others. It is targeting a final close of $75 million.

Nkwocha noted that Shettima, who chairs the iDICE Steering Committee, described the development as a major step toward unlocking the entrepreneurial potential of young Nigerians under the Renewed Hope agenda.

Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the government’s investment in Ventures Platform Fund II underscores its commitment to stimulating high-growth ventures capable of accelerating job creation and driving broader economic transformation.

Founding Partner of Ventures Platform, Kola Aina, said the partnership will empower young innovators to develop solutions, create value, and scale sustainable enterprises.

Supported by the African Development Bank, Islamic Development Bank, and the French Development Agency, iDICE targets youth aged 15 to 35, providing access to finance, enterprise development, and a more enabling business environment, with the Bank of Industry serving as co-investor and implementing agency.

As part of its 2026 rollout, the programme will introduce two additional funding mechanisms:

• A Creative Sector Fund to back startups in film, music, fashion, media and related industries, and

• A Fund of Funds, which will invest indirectly by supporting smaller local funds targeting early-stage tech and creative ventures.