Nigeria is ramping up support for its thriving startup ecosystem through an expansion of the Investment in Digital and Creative Enterprises (iDICE) programme. This move follows the government’s recent investment in Ventures Platform’s latest fund, signaling a renewed commitment to driving innovation and economic growth within the nation’s technology and creative sectors.

Launched in 2023, the iDICE programme aims to accelerate growth in Nigeria’s tech and creative industries. The initiative is backed by a consortium of prominent financial institutions, including the Bank of Industry (BOI), the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). Additional private sector financing is expected, although specific contributions have not yet been disclosed.

A cornerstone of the expanded iDICE framework is the introduction of two new strategic funds. One fund will specifically target the creative sector, acknowledging its unique potential for job creation and cultural impact. The second fund, a broader “fund of funds,” will invest in smaller venture funds that support early-stage startups across both tech and creative industries. This tiered approach ensures that capital reaches a diverse range of innovators, from emerging artists and designers to cutting-edge tech entrepreneurs.

Nigeria’s announcement comes at a crucial moment for its startup landscape. While the country has historically led Africa in venture capital activity, it faces growing competition as other nations develop their innovation ecosystems. Economic challenges, including persistent inflation and regulatory uncertainties, have sometimes tempered investor confidence.

Despite these hurdles, Nigeria remains home to Africa’s largest and most dynamic tech ecosystem, centered in Lagos. The city has produced internationally recognized tech ventures such as Flutterwave, Paystack, Moniepoint, and OPay. Over the past decade, Nigeria has seen steady growth in venture capital activity, driven by both local and international investors, incubators, and accelerators.

Access to seed and growth capital has long been a challenge for early-stage startups. Initiatives like the expanded iDICE programme are therefore vital, offering both direct investment and a signal to global investors that Nigeria is firmly committed to nurturing innovation. Analysts predict that these new funds could catalyze further private sector engagement, cementing Nigeria’s role as a premier hub for technology and creative enterprises across Africa.