Introduction to the iDICE Initiative
The Federal Government of Nigeria has unveiled ambitious plans to introduce two new investment funds under its Investment in Digital and Creative Enterprises (iDICE) programme. This initiative aims to significantly boost the country’s technology and creative sectors by 2026. The announcement was made through a statement issued on Monday by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha.
These new funds are designed to target strategic investments in startups across the country. The goal is to drive innovation and empower the youth, who are seen as key players in Nigeria’s economic transformation. The initiative follows a significant milestone in the iDICE programme, with Vice President Kashim Shettima, who chairs the programme’s Steering Committee, confirming the formal commencement of investments through an anchor venture fund managed by Ventures Platform.
Milestone in the iDICE Programme
Ventures Platform, a pan-African seed-stage investment firm, has launched the first funding round for the iDICE initiative. This round has successfully secured $64 million, with notable institutional investors such as the International Finance Corporation, Standard Bank of South Africa, and British International Investment (BII) joining as partners. The fund aims to reach a final close of $75 million, marking a substantial step forward in the programme’s objectives.
Vice President Kashim Shettima highlighted the significance of this development, stating that the commencement of investing by iDICE represents an exciting milestone. He emphasized that this effort aligns with the Government of Nigeria’s vision under the leadership of President Bola Ahmed Tinubu to unleash the potential of Nigeria’s young people, in line with the Renewed Hope agenda.
Government Commitment to Tech and Creative Sectors
Dr. Olasupo Olusi, Managing Director of the Bank of Industry, expressed confidence in the government’s commitment to expanding opportunities in the tech and creative sectors. He stated that the investment in Ventures Platform’s Fund II reflects this dedication. Olusi added that by investing in this fund, the government is catalysing high-growth, technology-enabled enterprises that will drive job creation and advance Nigeria’s broader economic transformation.
Kola Aina, Founding Partner of Ventures Platform, shared his optimism about the partnership. He noted that the collaboration would support Nigeria’s young entrepreneurs and innovators in bringing their ideas to life, creating value, and transforming the economy.
Overview of the iDICE Programme
The iDICE programme, valued at $617 million, is specifically designed to support young Nigerians aged 15 to 35. It focuses on providing access to finance, enterprise development, and an enabling business environment. The programme is backed by several key institutions, including the African Development Bank, Islamic Development Bank, and the French Development Agency. The Bank of Industry serves as a co-investor and implementing agency for the initiative.
As part of its 2026 agenda, iDICE will introduce two additional funding mechanisms. One of these is the Creative Sector Fund, which will invest in startups within the creative industry. The other is a Fund of Funds that will channel resources into smaller investment funds supporting both tech and creative enterprises.
Conclusion
The introduction of these new funds marks a significant step towards fostering innovation and entrepreneurship in Nigeria. By focusing on the tech and creative sectors, the government is not only investing in the future of the country but also empowering its youth to contribute meaningfully to the national economy. With strong partnerships and a clear vision, the iDICE programme is poised to make a lasting impact on Nigeria’s development trajectory.