FG Secures $64m for Startup Funds, Targets Job Creation
The Federal Government has announced plans to introduce two new investment funds under its Investment in Digital and Creative Enterprises programme to boost Nigeria’s technology and creative sectors in 2026.
According to a statement issued on Monday by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the funds will target strategic investments in startups across the country as part of efforts to drive innovation and youth empowerment.
Nkwocha said the announcement followed a milestone in the iDICE initiative, as Vice President Kashim Shettima, who chairs the programme’s Steering Committee, confirmed the formal commencement of investments through an anchor venture fund managed by Ventures Platform — a pan-African seed-stage investment firm.
He said the new fund has secured $64 million in its first funding round, with institutional investors including the International Finance Corporation, Standard Bank of South Africa, and British International Investment (BII) joining as partners. The fund targets a final close of $75 million.
“Vice President Kashim Shettima emphasised earlier that the commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda,” the statement read.
Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said the investment in Ventures Platform’s Fund II reflects the government’s commitment to expanding opportunities in the tech and creative sectors.
“By investing in this fund, we are catalysing high-growth, technology-enabled enterprises that will drive job creation and advance Nigeria’s broader economic transformation,” Olusi said.
Founding Partner of Ventures Platform, Kola Aina, expressed optimism about the partnership, noting that it would “support Nigeria’s young entrepreneurs and innovators to bring their ideas to life, create value, and transform the economy.”
The iDICE programme, valued at $617 million, is designed to support young Nigerians aged 15 to 35 through access to finance, enterprise development, and an enabling business environment.
It is backed by the African Development Bank, Islamic Development Bank, and the French Development Agency, with the Bank of Industry serving as co-investor and implementing agency.
As part of its 2026 agenda, iDICE will introduce two additional funding mechanisms, a Creative Sector Fund to invest in startups within the creative industry, and a Fund of Funds that will channel resources into smaller investment funds supporting both tech and creative enterprises.