The Federal Government of Nigeria has launched a $170.6 million investment fund aimed at improving access to financing for technology startups, creative enterprises, and innovation-driven businesses across the country.
The initiative, known as the DICE Fund of Funds, is one of the largest government-backed investment programmes for startups in Africa and is expected to strengthen Nigeria’s innovation ecosystem by mobilizing both public and private capital.
Managed by Kuramo Capital Management through the Bank of Industry (BOI) under the Investment in Digital and Creative Enterprises (iDICE) Programme, the fund is designed to increase access to financing for high-growth startups operating across Nigeria’s 36 states and the Federal Capital Territory.
Unlike traditional grant programmes that fund businesses directly, this initiative will invest through selected venture capital and micro-venture capital funds, creating more opportunities for promising startups to access funding.
What is the iDICE Fund?
The Investment in Digital and Creative Enterprises (iDICE) Programme is a Federal Government initiative established to promote entrepreneurship, innovation, job creation, and economic growth through Nigeria’s technology and creative sectors.
The programme is jointly financed by:
- African Development Bank (AfDB)
- Agence Française de Développement (AFD)
- Islamic Development Bank (IsDB)
The newly launched DICE Fund of Funds represents another major milestone in the implementation of the programme.
A $170.6 Million Investment Pool
The total investment fund will amount to at least $170.6 million, comprising:
- $85.3 million from the Federal Government through the iDICE Programme.
- $85.3 million to be mobilized from private investors by Kuramo Capital Management.
This blended finance model is expected to attract additional institutional and private sector investment while reducing investment risks.
How the Fund Works
Unlike many funding programmes where startups submit applications directly to government agencies, the DICE Fund operates as a Fund of Funds.
This means that:
- The fund invests in venture capital funds.
- Venture capital funds invest in startups.
- Startups receive investment through participating fund managers.
This approach enables funding to reach startups across different regions rather than concentrating investments in a few major technology hubs.
Who Will Benefit?
The programme is expected to benefit:
- Technology startups
- Creative businesses
- Digital enterprises
- Innovation-driven SMEs
- Growth-stage startups
- Venture capital ecosystem participants
- Entrepreneurs building scalable businesses
Businesses operating in sectors such as fintech, healthtech, agritech, edtech, creative industries, software, digital services, and innovation are expected to benefit as participating venture capital funds begin deploying investments.
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Why This Matters
Access to finance remains one of the biggest challenges facing startups across Nigeria.
Many innovative businesses struggle to raise capital because they lack access to investors or are not yet investment-ready.
The launch of the DICE Fund is expected to:
- Increase access to early-stage capital.
- Encourage innovation.
- Support business expansion.
- Create employment opportunities.
- Strengthen Nigeria’s startup ecosystem.
- Reduce reliance on foreign venture capital.
- Encourage domestic institutional investment.
For founders building scalable businesses, this represents a significant opportunity within Nigeria’s innovation landscape.
Other Achievements Under the iDICE Programme
The programme has already recorded notable milestones, including:
- Nigeria’s first direct government investment in a private venture capital fund through Ventures Platform’s VP Pan-African Fund II, which closed at $64 million.
- Launch of the Startup Bridge initiative, with 185 entrepreneurs currently undergoing capacity-building training.
- Plans to launch the Growth Lab, which will provide eligible growth-stage startups with equity funding of up to $100,000.
- Development of digital and creative innovation hubs in 66 higher institutions, including universities and polytechnics.
- Introduction of the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund, providing a combined $110 million in financing.
These initiatives demonstrate the Federal Government’s commitment to strengthening Nigeria’s innovation and entrepreneurship ecosystem.
What Startups Should Do Now
Although startups cannot currently apply directly to the DICE Fund of Funds, founders should begin preparing their businesses for future investment opportunities.
Investors typically assess businesses based on several factors, including:
- A compelling business model.
- Evidence of market traction.
- Strong financial projections.
- Scalable products or services.
- Competent management teams.
- Clear growth strategies.
- Investment readiness.
Businesses that prepare early are often better positioned when funding opportunities become available.
How to Become Investment-Ready
Whether you’re seeking venture capital, grants, accelerator funding, or institutional investment, preparation is critical.
Founders should ensure they have:
- A professional business plan.
- An investor-ready pitch deck.
- Financial projections.
- A clear business model.
- Market validation.
- Customer traction.
- A compelling funding strategy.
Prepare for Funding Opportunities with The Ultimate Grant Readiness System™
Major funding initiatives like the iDICE Fund, venture capital programmes, accelerators, and innovation grants all have one thing in common—they favour businesses that are well prepared.
If your business isn’t funding-ready when opportunities arise, you may miss out even if your idea is outstanding.
That’s why we created The Ultimate Grant Readiness System™.
The Complete Toolkit for Grants, Funding & Investment Readiness
This comprehensive toolkit helps entrepreneurs, startups, SMEs, NGOs, and social enterprises prepare competitive applications for grants, accelerator programmes, venture capital, and other funding opportunities.
Inside, you’ll get access to:
- Professional business plan templates
- Investor-ready pitch deck templates
- Financial projection models
- Grant writing frameworks
- Due diligence checklists
- Investment readiness guides
- Proposal templates
- Funding opportunity databases
- Business profile templates
- Practical resources used by successful founders
Whether you’re preparing for the iDICE Programme, venture capital funding, government grants, or international accelerator programmes, this toolkit equips you with the resources needed to compete confidently.
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