On November 6, 2025, Nigeria’s federal government crossed a historic threshold. Through the $618 million Investment in Digital and Creative Enterprises (iDICE) programme, the government became an anchor investor in Lagos-based Ventures Platform’s $75 million capital raise — the first time any Nigerian administration has invested directly in a venture capital fund.
For years, Nigeria’s startup ecosystem, home to Africa’s most unicorns, has thrived largely without direct government participation. While other nations such as Kenya and South Africa experimented with state-backed innovation funds, Nigeria stood apart, offering regulation but little capital. That era appears to be over.
Ventures Platform, known for spotting early winners like Moniepoint and Paystack, announced a $64 million first close backed by several global investors, including the International Finance Corporation (IFC), Standard Bank, British International Investment (BII), Proparco, and a handful of private family offices. But iDICE’s participation marks a pivotal local signal, one that ties the nation’s digital future to its fiscal muscle.
Dr. Olasupo Olusi, Managing Director and CEO of the Bank of Industry, which oversees iDICE for the government, said the initiative will boost “the Nigerian technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises.”
The iDICE programme is designed to support Nigerians aged 15 to 35 by funding innovative, early-stage tech and creative startups. It aims to invest up to $137 million in equity and $110 million in debt, with private partners expected to raise at least another $217 million.
Kola Aina, Founding Partner at Ventures Platform, described the government’s participation as a milestone moment: “It’s great to have iDICE as an LP. It’s a strong signal of local support and the Nigerian government’s commitment to the sector. Local participation always encourages foreign investors.”
The partnership follows a two-year vetting process and comes at a crucial time for Africa’s tech scene, as global funding cools and investors demand stronger fundamentals.
For Nigeria, this is more than a symbolic gesture, it’s a structural shift. With government capital now in play, the startup ecosystem gains not just funding, but a statement: the state is ready to invest, not just observe.
