FG Supports 185 Startup Founders in First $617M Digital Economy Cohort

The Federal Government of Nigeria has selected 185 startup founders for the inaugural cohort of its Investment in Digital and Creative Enterprises (iDICE) programme, a landmark initiative to accelerate the country’s digital economy.

The programme seeks to provide early-stage innovators with the tools, guidance, and funding necessary to build scalable businesses in technology and creative sectors.

The initiative reflects the government’s commitment to fostering entrepreneurship, expanding the digital economy, and creating jobs while strengthening Nigeria’s position as a hub for innovation in Africa.

Massive Funding to Drive Growth

The iDICE programme operates with a $617 million investment envelope, backed by development partners including the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), with the Bank of Industry (BoI) implementing the initiative. This substantial investment underscores the government’s strategy to stimulate innovation and support high-potential startups across Nigeria.

Participants will benefit from mentorship, business development support, and access to grants designed to accelerate growth and prepare their ventures for larger-scale investment.

Startup Bridge: Supporting Innovators from Idea to Growth

A key component of the iDICE programme is Startup Bridge, which provides structured support for entrepreneurs at different stages of their journey. It is divided into two tracks:

• Founders Lab: Targets entrepreneurs with early-stage ideas, helping them refine concepts and validate business models.
• Growth Lab: Designed for startups that have launched products and demonstrated initial market traction, providing resources to scale operations and attract investors.

This dual approach ensures that both emerging and growing businesses receive targeted support tailored to their specific development needs.

Selection and Inclusion

The first cohort was selected from over 7,000 applications, reflecting the high demand among Nigeria’s entrepreneurial community. Following a rigorous evaluation, 185 founders were chosen for participation based on innovation potential, market readiness, and capacity to execute.

The cohort spans all six geopolitical zones, with women representing 38% of selected founders, surpassing the programme’s gender inclusion target. This demonstrates a deliberate effort to ensure equitable access to opportunities in the digital economy.

Support and Benefits for Founders

Selected entrepreneurs will engage in a 12-week intensive incubation programme, receiving mentorship, guidance on business strategy, and hands-on development support. Additionally, they will compete for grants of up to ₦10 million to advance their ventures.

The programme emphasises market readiness, investment readiness, and practical skills, helping founders translate innovative ideas into sustainable businesses with measurable impact.

Long-Term Goals of iDICE

Beyond the initial cohort, iDICE aims to:

• Establish 66 innovation hubs and centres of excellence across Nigeria.
• Train up to 300,000 young Nigerians in digital and creative skills.
• Support hundreds of startups through additional funding and structured incubation programmes.

These initiatives form part of Nigeria’s broader vision to develop an innovation-driven economy, expand digital and creative sectors, and enhance global competitiveness.