Loading...
NEW TECH ACTIVITIES AS STARTUP INCUBATION PICKS UP THE PACE IN NIGERIA WITH IDICE
2 months ago
iDICE sits on top of an existing ecosystem that includes private and donor-backed incubators such as CcHub, Orange Corners Nigeria, Antler Lagos and others offering 6‑month programmes, grants, mentorship and investor links to founders in the 18–35 age bracket.
Lagos Nigeria
Investment and startup activities in Nigeria are picking up, highlighting digital transformation, climate and environment, and regional politics beyond the core crises perceived globally.
Nigeria’s main federal tech incubation vehicle is the Investment in Digital and Creative Enterprises, iDICE programme. It is a roughly 617–618 million dollar public–development–partner fund-of-funds and support platform aimed at young digital and creative entrepreneurs.
iDICE is designed to back Nigerians roughly aged 15–35 who are building tech-enabled and creative ventures, especially at an early stage.
It aims to directly fund over 200 startups and provide non‑financial support to hundreds more digital and creative SMEs. Projections run into several million jobs and billions of dollars in added economic output over its lifetime.
iDICE Funding
The envelope is backed with major financing from the African Development Bank, Agence Française de Dévelopement (France), and the Islamic Development Bank. More so, federal counterpart funding routed through the Bank of Industry and additional private/institutional capital give it a worth of about 617–618 million dollars.
Government, via the Bank of Industry, contributes tens of millions of dollars in loans and equity alongside development-finance money. Private investors and DFIs are expected to bring roughly 250–270 million dollars more, making iDICE effectively a blended-finance platform.
iDICE operates across three pillars. The first, access to finance, equity, debt, and capability grants. The next pillar is skills and enterprise development, and the last is policy and regulatory reforms to improve the startup environment.
In 2025, the government anchored a new venture fund managed by Ventures Platform as the technology component manager. This fund achieved a first close of about 64 million dollars with investors. IFC, Standard Bank and British International Investment, alongside iDICE Capital, were named as contributors and investors.
Abuja has announced that two additional iDICE-backed funds will launch in 2026. One focused on the creative sector. The other is structured as a fund‑of‑funds investing into smaller vehicles that back tech and creative startups nationwide.
Officials frame these new vehicles as tools to “crowd in” more private capital, expand coverage beyond major hubs like Lagos. More so, it will be an avenue for supporting high‑growth and tech‑enabled firms as part of the broader economic transformation agenda.
See Also
PayPal Back to Nigeria, From Blacklist to Fintech-Led Re-Entry
The re-entry comes amid Nigeria’s expanding gig economy, rising exports of digital services and increasing policy focus on non-oil foreign exchange inflows. Freelancers, software developers, creatives and small exporters have long cited PayPal restrictions as a structural disadvantage compared with peers in other emerging markets.
PayPal Returns to Nigeria With Paga Cooperation Launches Live Account Linking
Industry observers say the move could boost Nigeria’s freelance economy, support small exporters and digital entrepreneurs, and reduce reliance on informal or high-cost channels for receiving international payments, further integrating the country into the global digital payments landscape.
Popular Trends
Unharmed but Traumatized as the Welfare of the Returned Kidnapped Girls is Questioned
Twenty-four schoolgirls kidnapped from their boarding school in Kebbi State were reunited with authorities and families this week following a security operation.
The Niger school girls kidnap is prompting authorities to crank up security efforts. The girls appear largely unharmed but there is chance the trauma they experienced will go untreated with the record of Nigeria’s health system.
Dangote 1.4m BPD Upgrade Plans to Overtake India’s Jamnagar Refinery
At this point, only analysts are able to approximate the cost by comparing it with similar expansions globally, but the real number might be somewhere in between in reality.
Ibas Speaks on Completing Mandate, Return to Democratic Governance in Rivers State
Vice Admiral Ibok-Ete Ekwe Ibas, worked under a federal mandate to restore order and prepare Rivers State for return to democratic governance.
US Updates Social Media Screening for Nigerian Visa Applications
US social media screening for Nigerian visa applicants now means full disclosure of account usernames for the last five years is mandatory.
Posts, images, contacts, and groups are scrutinized for signs of fraud, security risks, or inconsistencies.
ECOWAS Common Currency, ECO, Plan Could Relaunch if Accelerated
The “relaunch” is more of a renewed push and political commitment, especially led by President Alassane Ouattara of Ivory Coast and ECOWAS leadership, to achieve the Eco’s adoption by 2026 or 2027.
US Visa Restrictions for Nigeria Updated to Reduce Validity
Nigerians have gone from enjoying long-term, flexible access to the US to a regime of short, single-use visas with additional checks and higher costs. The main drivers are reciprocity and security concerns, marking a sharp policy shift in mid-2025 compared to the previous five years
Still on the Topic
About 79 Nigerians Face Deportation in Worst-of-the-Worst Drive From the U.S. DHS
U.S. officials stressed that cooperation with receiving countries, including Nigeria, is critical to executing removals. While Nigeria has historically accepted deportees from the U.S., large-scale deportations require extensive diplomatic coordination and travel documentation.
Education Loan Scheme Offers Lifeline to Students as NELFUND Begins South-West Engagement
Education stakeholders say sustained advocacy and collaboration will be crucial to ensuring that eligible students fully benefit from the programme. More so, financial constraints do not hinder academic aspirations.
X
Unlock News Faster ...Sign Up
More Trending Topics
Falana Proposes FCCPC Investigates Dangote’s Alleged Monopolistic Practices
Some stakeholders advocate for a clearly defined role for all industry players to ensure fair competition and efficient service delivery to Nigerians.
