The Federal Government of Nigeria has launched a $110 million debt financing window for technology and creative startups under the Investment in Digital and Creative Enterprises (iDICE) Programme. The Bank of Industry (BOI), the implementing agency, opened two dedicated facilities – the BOI-iDICE $45 million Debt Fund and the IsDB-iDICE $65 million Debt Fund – now accessible to eligible enterprises across all 36 states and the Federal Capital Territory.
Addressing the Capital Gap for Startups
iDICE is a $617 million fund, one of the largest government-backed innovation programmes in Africa, co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). The programme aims to bridge the critical financing gap that hampers early-stage enterprises, offering patient and affordable capital tailored to different growth stages.
Commercial lending at prevailing rates is often inaccessible for innovative businesses, and these debt windows are calibrated to the cash-flow realities of tech and creative startups. The funds provide financing from ₦10 million to ₦1 billion, with a maximum interest rate of 10% per annum, repayment periods of up to five years, and a moratorium of up to six months.
BOI-iDICE Debt Fund: ₦10m to ₦1bn at 10% Interest
The BOI-iDICE Debt Fund is a $45 million counterpart contribution from the Bank of Industry on behalf of the Federal Government. It supports tech and creative enterprises with demonstrated traction to scale operations and market reach. Eligible businesses can access financing between ₦10 million and ₦1 billion, at a maximum interest rate of 10% per annum, with a five-year repayment term and a six-month moratorium.
IsDB-iDICE Debt Fund: Sharia-Compliant Asset Financing
The IsDB-iDICE Debt Fund is backed by the Islamic Development Bank's $65 million commitment. Structured as a Murabaha – a Sharia-compliant, cost-plus-markup model – the facility is designed for asset financing. It allows startups to acquire equipment, technology, creative infrastructure, and other productive assets. The fund is open to all Nigerians regardless of background or belief.
Complementing iDICE's Broader Financing Architecture
These debt products complement iDICE's equity and quasi-equity capital offerings through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund. Together, they address startups' financing needs at every stage – from first idea to full scale. The programme rests on the premise that Nigeria has abundant talent and ideas, but requires skills, markets, and capital to commercialise them.
Startups are encouraged to review eligibility criteria on the official iDICE portal at idice.ng. Applications for both funds can be submitted through idice.boi.ng. For enquiries, contact the Bank of Industry at 0700 225 5264 or customercare@boi.ng.
