Nigeria’s Federal Government takes bold steps to empower young innovators. Through the Investment in Digital and Creative Enterprises (iDICE) programme, officials announce two new funds. These launches will happen in 2026. They target startups in technology and creative industries. Moreover they promise jobs and economic growth.
iDICE Sets the Stage for Innovation
The iDICE initiative leads the charge. It secured $617 million from partners like the African Development Bank and French Development Agency. First it focuses on skills training and finance access. Now it expands with dedicated funds. Therefore young entrepreneurs aged 15 to 35 gain real support.
Vice President Kashim Shettima celebrates the move. He calls it a “leap forward” in President Bola Tinubu‘s Renewed Hope agenda. In addition, the Bank of Industry manages implementation. This ensures smooth rollout and impact.
Technology Fund Targets High-Growth Ventures
Ventures Platform manages the technology fund. They closed $64 million in the first round. Investors include the International Finance Corporation and Standard Bank. The fund aims for $75 million total. It invests in tech enabled businesses that drive innovation.
Kola Aina, Ventures Platform’s Founding Partner, expresses excitement. He says the partnership helps turn ideas into economic value. As a result, startups receive capital to scale quickly. This fund builds on iDICE’s tech focus from earlier investments.
Creative and Fund-of-Funds Expand Reach
A creative sector fund emerges. It supports filmmakers, artists and designers. These creators often struggle for funding. Now they access tailored investments. Furthermore, a fund-of-funds backs smaller vehicles. It spreads support across tech and creative areas.
Dr. Olasupo Olusi of the Bank of Industry highlights the goal. He stresses upscaling Nigeria’s creative economy. Consequently these funds create thousands of jobs. They also foster a vibrant startup ecosystem.
Broader Impact on Nigeria’s Economy
In conclusion, iDICE transforms opportunities for youth. The new funds address funding gaps head on. They align with global trends in digital growth. In the end, Nigeria positions itself as an African innovation hub. Startups thrive and the nation benefits.
