NIGERIA: FG to Launch Two New Investment Funds for Nigerian Startups

By Ameenat Hamzat, Lagos, Nigeria 

The Federal Government of Nigeria has announced plans to launch two new investment funds for startups in the technology and creative sectors by 2026 under its Investment in Digital and Creative Enterprises (iDICE) programme.

This was disclosed by the Chair of the iDICE Steering Committee and Vice President, Kashim Shettima, in a statement issued on Monday by the Senior Special Assistant to the President on Media and Communications, Stanley Nkwocha, following the formal commencement of investment activities under the programme. The event marked an anchor investment in a new venture fund managed by Ventures Platform, a pan-African seed-stage fund.

The new fund achieved a first-round close of $64 million last Thursday, with participation from institutional investors including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII). The fund is targeting a final close of $75 million.

Ventures Platform was appointed as the Fund Manager for the technology component of iDICE in August 2025 after a competitive bidding process supervised by the programme’s funding partners.

Vice President Shettima in his speech said: “This development is an exciting milestone and a leap forward in the government’s efforts under President Bola Ahmed Tinubu to unleash the full potential of Nigerian youth in line with the Renewed Hope agenda.”

The Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr Olasupo Olusi, said the investment reflects the government’s objective of deepening growth in the tech and creative industries.

Olusi noted: “by investing in Ventures Platform’s Fund II, authorities are catalysing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem.”

Founding Partner of Ventures Platform, Kola Aina, expressed optimism about the collaboration, saying: “We are delighted to be selected as the iDICE Technology Fund Manager, partnering with the Federal Government and other key stakeholders to support Nigeria’s young entrepreneurs and innovators in bringing their ideas to life.”

The iDICE programme, valued at $617 million, focuses on three core areas: skills and enterprise development, expanding access to finance, and creating an enabling business environment. It aims to equip Nigerians aged 15 to 35 with the resources and support needed to thrive in the technology and creative economy.

According to the government, the programme will launch two additional funds in 2026, a Creative Sector Fund to support startups in the creative industry and a Fund of Funds that will invest in smaller funds backing tech and creative startups across the country.

iDICE is supported by financing from the African Development Bank Group (AfDB), Islamic Development Bank (IsDB), and French Development Agency (AFD), with the Bank of Industry serving as co-investor and implementing agency.

Since its inception in 2016, Ventures Platform has invested in over 90 startups across Africa, including Paystack, Piggyvest, Moniepoint, and LemFi.