FG’s startup fund hits $64m, to unveil two new investment schemes – Shettima
The Federal Government on Monday announced that its Investment in Digital and Creative Enterprises (iDICE) programme will launch two additional funds for the technology and creative sectors in 2026, targeting investments in Nigerian startups across the country.
This follows the close of the first round of funding last Thursday, which secured $64 million based on investor commitments.
The iDICE programme is a $617 million Federal Government initiative designed to support young Nigerians aged 15 to 35 with skills and resources in the technology and creative sectors, aimed at boosting employability, fostering innovation, and nurturing entrepreneurship.
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.
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.”
Vice President Kashim Shettima, Chairman of the iDICE Steering Committee, on Monday 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.”
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.
Since its founding in 2016, Ventures Platform has invested in more than 90 startups across Africa, including Paystack, Piggyvest, Moniepoint, and LemFi.
With this development, iDICE has now joined 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.
Shettima described the commencement of investing by iDICE, as “an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of 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.”
Read also: FG targets creating 20,000 jobs annually – Shettima
Responding to the development, Olasupo Olusi, the MD/CEO of Bank of Industry, 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 by catalysing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem.
According to him, the development will 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.
Aina expressed delights 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.
