FG pledges 2 new funds for Nigerian startups in 2026

The Federal Government has revealed plans to launch two additional funds for Nigerian startups in 2026. The development, under the Investment in Digital and Creative Enterprises (iDICE) programme, comes after the federal government played a part in the $64 million investment in Venture Platform.

According to a statement released by the Federal Government, through the Senior Special Assistant to the Vice President on Media & Communications, Stanley Nkwocha, the move expresses the government’s dedication to unleashing the potential of young Nigerians. The two additional funds, expected to roll out next year, will target the technology and creative sectors and scale investments in Nigerian startups across the country.

Chair of the iDICE Steering Committee, Vice President Kashim Shettima, noted that the effort is part of President Bola Tinubu’s ambition to empower Nigerian youths under the Renewed Hope Agenda. He said it’s the Federal Government’s way of upscaling the Nigerian technology and creative sectors by catalysing strategic investments in technology-enabled enterprises. 

“The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Federal Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu @officialABAT, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda,” he said in the statement. 

While providing more explanation, the federal government noted that the new investments by iDICE will see a creative sector fund that will invest in creative sector start-ups. The other is a ‘fund of funds’ that will invest in smaller funds supporting technology and creative sector startups.

Amid this, the federal government recently participated in an investment round by Ventures Platform, a pan-African VC firm targeting seed-stage startups. iDICE described this as a kick-off point and a significant milestone that will propel the potential of Nigerian youth. 

iDICE is a $617 million programme launched by the Federal Government of Nigeria to support young Nigerians aged 15-35 with skills and resources in the technology and creative economy sectors. The initiative aims to increase employability, foster innovation, and create new entrepreneurs.

Inside the federal government’s investment in Venture Platform

Last week, the federal government, through the iDICE program, supported Ventures Platform’s $64 million Fund II. The programme, implemented by the Bank of Industry (BOI), is focused on backing high-growth enterprises that are capable of creating jobs and scaling innovation.

Ventures Platform is one of Africa’s leading seed-stage venture capital firms. The funding marked the first close of its Pan-African Fund II, targeting a total of $75 million. The fund aims to deepen seed investments, synergise Series A rounds, and expand the firm’s footprint across the continent. 

The development, according to the federal government, will contribute meaningfully to Nigeria’s broader economic transformation agenda. This will potentially elevate the ambition of creating additional jobs and empower high-growth entrepreneurs across the country.

Ventures Platform, launched in 2016, has invested in more than 90 startups, including Moniepoint, Piggyvest, LemFi and Paystack. It has attracted global recognition and significant follow-on funding.

Read More: FG deepens tech investment through iDICE’s participation in Ventures Platform’s $64m fund.