The Federal Government of Nigeria, through its Investment in Digital and Creative Enterprises (iDICE) programme, has announced plans to launch two new funds in 2026 to further support technology and creative start-ups across the country. The move aims to strengthen Nigeria’s growing innovation ecosystem and empower young entrepreneurs driving change in the tech and creative industries.
The announcement follows the official commencement of iDICE’s investment activities, marked by an anchor investment in a new venture fund managed by Ventures Platform, a pan-African seed-stage investment firm. The new funding achieved a $64 million first-round close based on investor commitments last Thursday.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described the development as an exciting step in unlocking the full potential of Nigerian youth. He stated, “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.”
Ventures Platform was appointed as the Fund Manager for the technology component of iDICE in August 2025, following a competitive selection process supervised by the programme’s 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 supporting the new fund, which targets a final close of $75 million.
Dr Olasupo Olusi, Managing Director and CEO of the Bank of Industry, said the investment aligns with the Federal Government’s goal of expanding Nigeria’s digital and creative economy. He noted, “By investing in Ventures Platform’s Fund II, we 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.”
Olusi added that the initiative will contribute meaningfully to Nigeria’s broader economic transformation agenda, with goals to create jobs and empower entrepreneurs nationwide.
Kola Aina, Founding Partner at Ventures Platform, expressed confidence in the collaboration, stating, “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 ideas to life—creating deep value and transforming the country’s economy.”
The iDICE programme operates across three main areas: skills and enterprise development, expanding access to finance, and building an enabling environment for innovation. Its training and investment activities focus on young Nigerians aged 15 to 35, helping them gain digital and creative economy skills, access funding, and create sustainable businesses.
According to the Steering Committee, iDICE “will launch two additional funds in 2026: a creative sector fund to invest in creative start-ups, and a ‘fund of funds’ that will invest in smaller funds supporting technology and creative sector ventures.”
The iDICE programme, valued at $617 million, is financed by the African Development Bank Group, Islamic Development Bank, and the French Development Agency, with the Bank of Industry serving as co-investor and implementing agency.
Ventures Platform, established in 2016, has invested in more than 90 African start-ups, including Paystack, Piggyvest, Moniepoint, and LemFi, strengthening its role as a key player in the continent’s technology and innovation landscape.
