Nigeria’s $617M iDICE Program Backs Next-Gen Tech Founders
Nigeria’s Federal Government has launched one of Africa’s largest innovation funding initiatives, deploying $617 million through the iDICE Nigeria startup program to support young entrepreneurs in the country’s digital and creative sectors. Implemented by the Bank of Industry and co-financed by the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, the program targets founders who have historically lacked access to early-stage capital, structured mentorship, and enterprise development infrastructure.
The iDICE Nigeria startup program short for Investment in Digital and Creative Enterprises is built around three pillars: access to finance, capacity development, and ecosystem strengthening. Its financing structure blends equity, startup-friendly debt, and catalytic funding tools to meet founders at different growth stages. The program also works with Nigeria’s six non-interest banks to extend Shariah-compliant financing options.
Nigeria’s Next Generation of Founders Now Have a $617M Runway
Early traction is already visible. When iDICE launched its Founders Lab in March 2025, it received over 7,000 applications from across the country. Of the 185 founders admitted into the inaugural cohort, participants came from all 36 states and the FCT, with female founders making up roughly 38 percent of participants above the program’s own target.
Beyond funding, iDICE is establishing 66 Innovation Hubs and Centres of Excellence in universities and polytechnics nationwide, with a goal to train more than one million Nigerians in digital and creative skills over its lifespan. By end of 2026, the program expects to support over 200 technology startups and finance more than 100 creative enterprises.
Independent projections by PricewaterhouseCoopers estimate that full implementation could generate 6.1 million jobs and add approximately $6.4 billion in economic value to Nigeria.
