Nigeria has launched the Investment in Digital and Creative Enterprises Program, a $617 million initiative designed to support the next generation of founders. Implemented by the Bank of Industry and financed by the African Development Bank, Agence Francaise de Developpement, and the Islamic Development Bank, iDICE aims to provide capital, skills development, mentorship, and enterprise support to young Nigerian entrepreneurs.
According to the Minister of Communications, Innovation and Digital Economy, Nigeria's digital economy contributes nearly 19 percent to GDP. The creative industry employs more than 4.2 million people, according to research by Jobberman and the Mastercard Foundation. Despite this potential, many founders struggle to access early-stage capital and coordinated support.
Addressing a Structural Gap
Data from the Bank of Industry's 2025 Annual Development Impact Report shows that 76 percent of creative and digital businesses financed by the Bank would not have proceeded without development finance. iDICE is designed to address this gap through a deliberate, development-finance-backed intervention.
Three Pillars of iDICE
The program is built around access to finance, capacity development, and ecosystem strengthening. It combines equity funding, startup-friendly debt, and catalytic funding structures. The iDICE Debt Fund provides affordable growth capital through the Bank of Industry, while partnerships with six non-interest banks expand Shariah-compliant financing.
The Startup Bridge Program takes founders from idea stage to investment readiness through structured training, mentorship, grants of up to N10 million, and pathways to equity investment of up to $100,000. The Founders Lab initiative received over 7,000 applications in March 2025, with 185 founders admitted from all 36 states and the FCT. Female founders accounted for 38 percent of participants.
Skills and Infrastructure
iDICE aims to train more than one million Nigerians in globally competitive digital and creative skills. Sixty-six Innovation Hubs and Centres of Excellence are being established across universities and polytechnics nationwide, providing workspaces, mentorship, incubation support, and access to industry tools.
The program emphasizes decentralization, with state focal persons in all 36 states and the FCT to ensure opportunities reach underserved locations. A high-level steering committee chaired by Vice President Kashim Shettima coordinates efforts across ministries.
Projected Impact
By the end of 2026, iDICE is expected to establish 66 Innovation Hubs, train 250,000 to 300,000 young Nigerians, support over 200 technology startups, and provide financing for more than 100 creative enterprises. Independent projections by PricewaterhouseCoopers estimate full implementation could generate over 6.1 million jobs and contribute approximately $6.4 billion in economic value.
Dr. Olasupo Olusi, MD/CEO of the Bank of Industry, stated that iDICE represents one of Africa's largest innovation and enterprise development programs and a clear commitment to building infrastructure for a globally competitive digital and creative economy.
