The Federal Government has unveiled a $110 million debt financing programme designed to give technology and creative startups easier access to affordable capital, providing a major boost for entrepreneurs looking to grow innovative businesses across Nigeria. The initiative, launched under the Investment in Digital and Creative Enterprises (iDICE) Programme, introduces two financing windows that aim to reduce one of the biggest challenges facing startups—limited access to long-term funding. The announcement reinforces the government’s commitment to strengthening Nigeria’s innovation ecosystem while supporting businesses capable of creating jobs and driving economic growth.
The financing initiative is being implemented by the Bank of Industry (BOI), which serves as the executing agency for the iDICE Programme. It introduces the BOI-iDICE $45 million Debt Fund alongside the IsDB-iDICE $65 million Debt Fund, creating a combined financing package worth $110 million. Both facilities have been structured to meet the unique financing needs of startups operating in Nigeria’s fast-growing technology and creative sectors.
The new funding windows are available to qualified businesses across all 36 states and the Federal Capital Territory, ensuring entrepreneurs from different parts of the country can benefit. Rather than relying on expensive commercial loans, eligible startups can now access financing tailored to their stage of growth, allowing them to invest confidently in expansion, equipment, technology, and new business opportunities.
The debt facilities form part of the wider iDICE Programme, one of Africa’s largest government-backed innovation initiatives with an overall value of approximately $617 million. The programme is jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), with BOI serving as both implementing agency and co-financier. Its broader objective is to help Nigerian innovators transform promising ideas into successful businesses through improved access to finance, skills development, and stronger support systems.
One of the newly launched facilities, the BOI-iDICE Debt Fund, represents the Federal Government’s counterpart funding to the programme. The fund offers financing ranging from ₦10 million to ₦1 billion, with an interest rate capped at 10 percent per annum, repayment periods of up to five years, and moratorium options of up to six months. These terms are intended to make borrowing more manageable for startups that have already demonstrated business traction and are ready to expand.
The second financing window, the IsDB-iDICE Debt Fund, provides $65 million in Sharia-compliant financing through a Murabaha structure. Although it follows Islamic finance principles, the facility is open to all eligible Nigerian entrepreneurs regardless of religious background. It is primarily designed to help businesses finance productive assets such as equipment, digital infrastructure, creative production tools, and technology required for expansion.
For many startups, securing affordable capital remains one of the biggest obstacles to growth. Conventional commercial lending often comes with high interest rates and repayment conditions that are difficult for young businesses to sustain. By introducing financing products with startup-friendly terms, the Federal Government hopes to bridge this gap and enable more businesses to commercialize innovative ideas, increase productivity, and compete effectively within regional and global markets.
The iDICE Programme goes beyond debt financing. It also supports entrepreneurs through equity investments, venture capital funding, capacity-building initiatives, innovation hubs, and business development programmes. Together, these interventions create multiple pathways for startups to secure funding throughout different stages of their growth journey, from early development to large-scale expansion.
Government officials believe the initiative will strengthen Nigeria’s position as one of Africa’s leading technology and creative economies. The programme seeks to encourage innovation, attract more private investment, stimulate digital transformation, and help creative businesses commercialize intellectual property while generating sustainable employment opportunities for young Nigerians.
The financing programme also reflects growing collaboration between Nigeria and international development finance institutions committed to supporting entrepreneurship. By combining public investment with development financing, the initiative aims to reduce investment risks while encouraging additional private-sector participation in Nigeria’s startup ecosystem. This blended financing approach is expected to increase the availability of growth capital for businesses with high economic potential.
Technology startups developing software solutions, digital platforms, artificial intelligence applications, fintech services, health technology, agritech, educational technology, and other innovative products stand to benefit significantly from the initiative. Likewise, businesses operating across Nigeria’s creative industries—including film, music, animation, gaming, fashion, publishing, digital media, and content production—can leverage the financing to scale operations and expand into new markets.
Applicants are encouraged to review the eligibility requirements carefully before selecting the financing window that best aligns with their business model and stage of development. The programme has been designed to support enterprises with viable growth strategies capable of creating employment, improving productivity, and contributing to Nigeria’s digital economy.
The Federal Government views the launch of the new iDICE financing windows as another milestone in building an innovation-driven economy where entrepreneurs have greater opportunities to access affordable funding without relying solely on traditional commercial lending. By improving access to finance for technology and creative enterprises, the initiative is expected to stimulate innovation, accelerate business growth, strengthen Nigeria’s startup ecosystem, and contribute to long-term economic development.
