The Federal Government says it will launch two additional investment funds in 2026 to further support startups in the technology and creative industries under the $617 million Investment in Digital and Creative Enterprises (iDICE) programme.
This was contained 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.
According to the statement, the announcement follows a major milestone in the implementation of the initiative, with Vice President Kashim Shettima confirming the commencement of investment activities through an anchor venture fund managed by Ventures Platform.
The fund has so far secured $64 million in commitments from institutional investors, including the International Finance Corporation, Standard Bank of South Africa and British International Investment (BII). It aims to close at $75 million.
Shettima, who chairs the iDICE Steering Committee, described the take-off of the fund as a significant step towards empowering young Nigerians and stimulating innovation, in line with the Renewed Hope agenda of President Bola Ahmed Tinubu’s administration.
Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the government’s investment in Ventures Platform Fund II demonstrates its resolve to accelerate the growth of technology-driven enterprises that can create jobs and expand economic opportunities.
Founding Partner of Ventures Platform, Kola Aina, said the partnership will help young entrepreneurs turn ideas into productive ventures capable of transforming the economy.
Supported by the African Development Bank, Islamic Development Bank and the French Development Agency, the iDICE programme targets Nigerians aged 15 to 35 with access to finance, enterprise development and business support services. The Bank of Industry serves as co-investor and implementing agency.
As part of its 2026 plan, iDICE will introduce a Creative Sector Fund for startups in the film, music, fashion and digital media value chains, as well as a Fund of Funds to support smaller investment firms backing innovative tech and creative ventures.
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