The Federal Government, through the Bank of Industry (BOI), has opened applications for two major debt-financing facilities totaling $110 million under the Investment in Digital and Creative Enterprises (iDICE) Programme. The initiative aims to provide technology and creative startups with affordable capital to grow their businesses.
Program Overview
The newly launched facilities include the BOI-iDICE $45 million Debt Fund and the IsDB-iDICE $65 million Debt Fund. Eligible businesses from all 36 states and the Federal Capital Territory can apply. According to the BOI, the programme is designed to transform innovative ideas into commercially viable businesses by improving access to skills, markets, and financing.
The debt facilities are part of the broader $617 million iDICE Programme, one of Africa's largest government-backed initiatives supporting the digital and creative economy. The programme is financed by the Federal Government alongside the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), with the Bank of Industry serving as the implementing agency and co-financier.
Facility Details
The BOI-iDICE Debt Fund represents the Federal Government's $45 million counterpart contribution. Under this facility, eligible startups can access financing ranging from ₦10 million to ₦1 billion at a maximum interest rate of 10% per annum. Repayment periods extend up to five years, with a moratorium of up to six months, giving growing businesses flexibility before repayments begin.
The second window, backed by IsDB's $65 million commitment, operates under a Murabaha financing structure—a Sharia-compliant model where the financier purchases assets on behalf of a business before reselling them at an agreed price with a disclosed profit margin. BOI noted that although the facility follows Islamic finance principles, it is open to all qualified Nigerian businesses regardless of religion. The fund supports the purchase of productive assets such as equipment, technology infrastructure, and creative tools.
Impact on Startup Ecosystem
The Bank of Industry stated that the new debt windows address the financing difficulties faced by many startups, particularly because commercial bank lending often comes with high interest rates and stringent repayment terms. The facilities complement other iDICE funding options, including equity and quasi-equity investments through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund, providing support at different growth stages.
Application Process
The Bank of Industry has invited eligible technology and creative enterprises across Nigeria to apply for the financing window that best matches their business needs. Interested applicants are encouraged to review eligibility requirements, funding objectives, and application guidelines before submitting through the official iDICE portals.
With affordable financing, longer repayment periods, and nationwide availability, the programme represents a significant opportunity for innovative Nigerian startups looking to expand, invest in new assets, and accelerate growth.
