Nigeria is intensifying efforts to strengthen its startup ecosystem with the expansion of the Investment in Digital and Creative Enterprises (iDICE) programme, an initiative aimed at accelerating innovation in the country’s technology and creative sectors. The move follows the government’s recent investment in Ventures Platform’s latest fund, underscoring its growing commitment to fostering entrepreneurship and digital transformation.
Launched in 2023, iDICE is a government-backed initiative supported by the Bank of Industry (BOI), African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). The programme was designed to address funding gaps and empower startups that drive job creation and economic diversification.
In its next phase, iDICE will introduce two new financing vehicles, one dedicated exclusively to the creative sector and a “fund of funds” that will invest in smaller venture funds supporting early-stage startups across tech and creative industries. While additional private sector participation is anticipated, specific details have yet to be announced.
The timing of this announcement is strategic. Despite Nigeria’s longstanding leadership in African startup funding, emerging ecosystems in Kenya, Egypt, and South Africa are intensifying competition. Meanwhile, domestic challenges such as inflation, currency volatility, and regulatory hurdles have tested investor confidence.
Still, Nigeria remains home to Africa’s most vibrant innovation hub, with Lagos producing global success stories like Flutterwave, Paystack, Moniepoint, and OPay. By expanding the iDICE programme, the government aims not only to inject fresh capital into high-potential ventures but also to reaffirm its commitment to building an enabling environment for digital and creative enterprises.
The initiative could serve as a turning point signaling renewed investor trust and positioning Nigeria as a key driver of Africa’s next wave of tech innovation.
