The Federal Government said it is targeting $75 million in two new investment funds under its Investment in Digital and Creative Enterprises (iDICE) programme to boost the Nigerian technology and creative sectors in 2026.
It was said in a statement on Monday, November 10, by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha.
According to the federal government, the funds will target strategic investments in startups across the country as part of efforts to drive innovation and youth empowerment.
The announcement followed its milestone in the iDICE initiative headed by Vice President Kashim Shettima, who is the chairman of the programme’s Steering Committee.
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He confirmed that the formal commencement of the investments is through an anchor venture fund managed by Ventures Platform, a pan-African seed-stage investment firm.
“The new fund has secured $64 million in its first funding round, with institutional investors including the International Finance Corporation, Standard Bank of South Africa, and British International Investment (BII) joining as partners. The fund targets a final close of $75 million,” Shettima said
He had earlier emphasised that the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the federal government to deliver on its vision of unleashing the full potential of Nigeria’s young people, in line with the President’s Renewed Hope agenda.
The statement quoted the Managing Director of the Bank of Industry, Olasupo Olusi, as saying that the investment in Ventures Platform’s Fund II reflects the government’s commitment to expanding opportunities in the tech and creative sectors.
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“By investing in this fund, we are catalysing high-growth, technology-enabled enterprises that will drive job creation and advance Nigeria’s broader economic transformation,” Olusi added.
Founding Partner of Ventures Platform, Kola Aina, further expressed optimism about the partnership, noting that it would “support Nigeria’s young entrepreneurs and innovators to bring their ideas to life, create value, and transform the economy.”
The iDICE programme, valued at $617 million, is designed to support young Nigerians aged 15 to 35 through access to finance, enterprise development, and an enabling business environment.
It is backed by the African Development Bank, the Islamic Development Bank, and the French Development Agency, with the Bank of Industry serving as co-investor and implementing agency.
It added that as part of its 2026 agenda, iDICE will introduce two additional funding mechanisms: a Creative Sector Fund to invest in startups within the creative industry and a Fund of Funds that will channel resources into smaller investment funds supporting both tech and creative enterprises.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
