by AmforGod Olisa
Nigeria has taken a significant step toward strengthening its innovation economy with the launch of a $170.6 million DICE Fund of Funds under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme. The initiative represents one of the largest government-backed venture capital investments for technology and creative enterprises in Africa and demonstrates a renewed commitment to supporting entrepreneurship as a driver of economic growth.
Managed by the Bank of Industry in partnership with Kuramo Capital Management, the fund combines an initial government commitment of $85.3 million with an equal amount expected from private investors. Rather than financing startups directly, the fund will invest through selected venture capital firms, enabling promising businesses across Nigeria’s 36 states and the Federal Capital Territory to gain access to growth capital. This model is designed to attract additional private investment while expanding opportunities beyond the country’s traditional technology hubs.
The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement, and the Islamic Development Bank as part of a broader initiative valued at approximately $618 million. Beyond funding, the programme focuses on entrepreneurial capacity development, innovation ecosystem strengthening, digital skills, startup incubation, and the establishment of innovation hubs in universities and polytechnics across Nigeria.
For Nigerian entrepreneurs, the significance extends far beyond access to capital. The programme reflects an evolving policy direction in which government acts as a catalyst for private investment, helping innovative businesses overcome one of their greatest challenges—early-stage financing. It also creates new opportunities for founders in technology, digital services, media, entertainment, design, and other creative industries to build globally competitive enterprises.
For IEAMA, the development reinforces a critical message: entrepreneurship thrives where finance, professional capacity, innovation, and supportive public policy work together. While access to capital remains essential, long-term business success depends equally on structured entrepreneurship education, sound management practices, and institutional support. The iDICE initiative demonstrates that Nigeria is increasingly investing not only in businesses, but also in building a sustainable entrepreneurial ecosystem capable of creating jobs, attracting investment, and accelerating national economic transformation.