Nigeria will establish two additional investment vehicles in 2026 under the Investment in Digital and Creative Enterprises program to channel more capital to startups nationwide. The announcement follows a first close of 64 million dollars for a new Ventures Platform fund that includes participation from major institutional investors and targets a final close of 75 million dollars. Officials framed the step as part of a broader push to translate the country’s youthful talent into innovation-led growth.
Government Support
Vice President Kashim Shettima, who chairs the iDICE steering committee, called the first investments a milestone aligned with President Bola Ahmed Tinubu’s Renewed Hope agenda. Ventures Platform was appointed in August 2025 to manage the technology component after a competitive process overseen by financing partners. The government’s involvement is intended to expand access to early-stage capital, accelerate company formation, and create jobs across the country.
Private and Institutional Backing
The 64 million dollar first close brought together the International Finance Corporation, Standard Bank of South Africa, and British International Investment alongside iDICE. Bank of Industry Managing Director Olasupo Olusi said investing in Ventures Platform Fund II supports the federal objective to catalyze high-growth, technology-driven enterprises and strengthen the creative economy. Founding partner Kola Aina added that the partnership aims to help young founders turn ideas into scalable solutions that can reshape Nigeria’s economy.
Focus and Structure
iDICE operates across skills and enterprise development, access to finance through equity, debt, and capability grants, and policy reforms that improve the business environment. In 2026, the program will add a creative-sector fund and a fund-of-funds that invests in smaller vehicles backing technology and creative startups. The overall program totals 617 million dollars and is supported by the African Development Bank, the Islamic Development Bank, and Agence Française de Développement, with the Bank of Industry as co-investor and implementer.
Market Context
Nigeria remains one of Africa’s largest startup ecosystems, yet early-stage ventures still face funding gaps that slow product development and market expansion. New public-private vehicles are designed to de-risk investment, draw additional private capital, and signal policy commitment to innovation. The government expects the structure to promote nationwide inclusion beyond Lagos by targeting founders across regions and sectors.
Track Record
Ventures Platform, founded in 2016, has backed more than 90 startups across Africa, including Paystack, Piggyvest, Moniepoint, and LemFi. The firm plans to use the new fund to support software, fintech, and adjacent digital infrastructure while maintaining disciplined governance and follow-on capacity. Portfolio development will be paired with talent programs and ecosystem support to improve survival rates and scale outcomes.
Implementation
Disbursements will be guided by investment committees and performance metrics aligned with job creation, export potential, and formalization. Capacity-building grants and policy engagement are expected to complement direct investment to address regulatory bottlenecks and skills gaps. The approach is designed to reduce friction for founders while improving transparency for domestic and international investors.
By combining government participation with global institutions and a seasoned local manager, the new iDICE vehicles aim to close early-stage financing gaps and crowd in private capital. The expanded program seeks to convert Nigeria’s demographic advantage into sustainable growth through technology and creative industries. If executed effectively, the initiative could reinforce the country’s position as a continental hub for innovation.