Nigeria's iDICE Programme to Unleash Two New Investment Funds in 2026
The Federal Government is set to significantly boost financing for the nation's burgeoning startup ecosystem with the announcement of two new investment funds scheduled for launch in 2026. This ambitious plan comes from the Investment in Digital and Creative Enterprises (iDICE) programme, which has officially commenced its investment activities.
Ventures Platform Fund Marks a Major First Step
The initiative's first major move is an anchor commitment to a new venture fund managed by Ventures Platform. This fund successfully reached its first close of $64 million on Thursday, November 6, 2025. The capital raise was supported by prominent international investors, including the International Finance Corporation, Standard Bank of South Africa, and British International Investment.
Ventures Platform was appointed as the fund manager for the technology component of iDICE in August 2025 after a highly competitive selection process overseen by the programme's partners.
Government and Industry Leaders Hail the Milestone
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described this development as a pivotal moment. He stated it aligns with the Federal Government's drive to unlock the potential of young Nigerians under President Bola Ahmed Tinubu’s Renewed Hope agenda. The start of iDICE's investments, according to Shettima, signals the government's firm resolve to back youth-driven innovation and entrepreneurship across the country.
The CEO of the Bank of Industry, Olasupo Olusi, welcomed the progress. He emphasized that the government's participation in Ventures Platform Fund II reinforces its commitment to scaling the technology and creative sectors by strategically supporting high-growth, tech-enabled businesses. Olusi added that this effort dovetails with Nigeria's broader economic transformation goals, which include mass job creation and empowering entrepreneurs nationwide.
Kola Aina, the founding partner of Ventures Platform, expressed pride in the firm's role as iDICE's technology fund manager. He looks forward to helping young Nigerian innovators transform their ideas into impactful solutions that contribute to national growth.
Expanding the Financial Landscape for Innovators
The iDICE programme is built on three core pillars: developing skilled digital and creative talent, improving access to financing, and shaping a supportive policy environment for innovation. As part of its 2026 plan, the programme will introduce two specific financial instruments:
- A dedicated creative sector fund targeting early-stage ventures.
- A "fund of funds" designed to invest in smaller capital pools that support both tech and creative startups.
Launched with a substantial $617 million backing from the African Development Bank Group, the Islamic Development Bank, and the French Development Agency, iDICE aims to equip Nigerians aged 15 to 35 with the essential skills, funding, and support to thrive in the digital and creative economy. The Bank of Industry serves as the co-investor and implementing agency for this transformative programme.
Ventures Platform, founded in 2016, brings a proven track record to this endeavour, having invested in more than 90 African startups, including notable names like Paystack, Piggyvest, Moniepoint, and LemFi. The firm is now positioned to be a central force in driving the next wave of Nigerian innovation.
