Nigeria Expands Startup Funding Through iDICE with New Tech and Creative Sector Funds
2 min read
Nigeria has announced plans to expand financial support for startups through the Investment in Digital and Creative Enterprises (iDICE) programme, following the government’s recent investment in Ventures Platform’s latest fund. Launched in 2023, iDICE was created to support the growth of the country’s technology and creative industries and is backed by the Bank of Industry (BOI), the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB).
The programme will introduce two new funds: one dedicated specifically to the creative sector, and a “fund of funds” that will invest in smaller funds supporting startups across both technology and creative industries. Additional financing is expected from private sector participants, though details of that involvement have not yet been disclosed.
The announcement comes at a critical time for Nigeria’s startup ecosystem. While the country has historically led the continent in startup funding, competition from other African nations has intensified, and economic challenges such as rising inflation and regulatory uncertainty have created hurdles for investors.
Nigeria remains home to Africa’s largest startup ecosystem, with Lagos as a regional tech hub producing successful ventures including Flutterwave, Paystack, Moniepoint, and OPay. Venture capital activity in the country has grown steadily over the past decade, aided by local and international investors, incubators, and accelerators, but early-stage startups often struggle to access sufficient capital.
By expanding iDICE, the government aims to provide much-needed financing to startups while signalling to investors its commitment to fostering innovation. The move could also catalyze further investment, reinforcing Nigeria’s status as a leading hub for technology and creative enterprises across Africa.
About The Author
