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From Juliana Taiwo-Obalonye, Abuja
The Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) programme is set to launch two new investment funds targeting Nigerian startups in the technology and creative sectors in 2026. This key step aims to strengthen the country’s innovation ecosystem and support youth entrepreneurship across the nation.
The announcement was made following a formal kick-off event where Ventures Platform, a pan-African seed-stage fund, secured an anchor investment for a new venture fund under iDICE. The fund closed its first round at $64 million last Thursday, with a target 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.
Vice President Kashim Shettima, Chair of the iDICE Steering Committee, described this milestone as a “leap forward” in unlocking Nigeria’s youth potential, aligned with President Bola Ahmed Tinubu’s vision under the Renewed Hope agenda. 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.”
According to a statement issued by the media aide to Vice President, Media aide, Stanley Nkwocha, high-profile institutional investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, and British International Investment (BII) are partners in the fund, underscoring strong international support.
MD/CEO of Bank of Industry, Olasupo Olusi, highlighted the significance of the investment in Ventures Platform’s Fund II. He said it deepens the Federal Government’s goal to scale the technology and creative sectors by driving strategic investments in fast-growing, technology-enabled enterprises. According to him:
“This 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.”
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Kola Aina, Founding Partner of Ventures Platform, expressed confidence in the partnership, noting,
“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 innovative ideas and solutions to life—creating deep value and transforming the country’s economy.”
The iDICE programme operates in three main areas: skills and enterprise development to build highly skilled talent; expanding access to finance through equity, debt, and grants; and creating an enabling environment with pro-business policies.
Besides technology, iDICE will launch a creative sector fund targeting startups in the creative industries, and a ‘fund of funds’ to support smaller funds investing in technology and creative startups.
Launched with $617 million in financing from the African Development Bank (AfDB), Islamic Development Bank (IsDB), and the French Development Agency (AFD), iDICE supports Nigerian youth aged 15-35 with the skills and resources needed for innovation and entrepreneurship. The Bank of Industry serves as co-investor and implementing agency.
Since its establishment in 2016, Ventures Platform has invested in over 90 startups across Africa, including major successes like Paystack, Piggyvest, Moniepoint, and LemFi, further positioning Nigeria as a leading hub for technology-driven growth.
