Nigeria’s growing ambition to cement its position as Africa’s digital innovation hub has gained new momentum. The ambition is bolstered with the Federal Government’s participation in Ventures Platform’s $64 million Fund II, through the Investment in Digital and Creative Enterprises (iDICE) programme, implemented by the Bank of Industry (BOI).
The announcement marks a significant step in the country’s efforts to catalyse private sector-led growth in the technology and creative economy.
Ventures Platform, one of Africa’s leading seed-stage venture capital firms, unveiled the first close of its Pan-African Fund II, targeting a total of $75 million. The fund aims to deepen seed investments, spur Series A rounds, and expand the firm’s footprint across the continent.
The iDICE programme, which represents Nigeria’s most ambitious public-private initiative for digital transformation, joined other high-profile investors, including the International Finance Corporation (IFC), Standard Bank, British International Investment (BII), Proparco, and AfricaGrow.
Through this move, the government is signalling its readiness to back high-growth, technology-enabled enterprises capable of creating jobs and scaling innovation.
Dr Olasupo Olusi, Managing Director and CEO of the Bank of Industry, said the investment aligns perfectly with the federal government’s vision for economic diversification.
“As the implementing agency of the iDICE Programme, Bank of Industry is proud to be associated with Ventures Platform on this milestone achievement,” Olusi said.
“By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors. This move catalyses strategic investments in high-growth enterprises and contributes to the nation’s broader economic transformation agenda,” he added.
Nigeria‘s iDICE is boosting investor confidence and startup growth
For Nigeria’s tech ecosystem, the government’s direct participation in a major private venture fund marks a turning point. It bridges the gap between policy ambition and practical capital deployment. By aligning with an established VC firm like Ventures Platform, the government is taking a smarter, market-driven route to stimulate innovation rather than relying solely on grants or subsidies.
Kola Aina, Founding Partner at Ventures Platform, described the support as a strong validation of Africa’s growing tech opportunity.
“The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for transformative impact,” he said. “We believe Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalysing sustainable innovations that will shape the continent’s future.”
Since its launch in 2016, the company has built a solid track record, backing over 90 startups, including Moniepoint, Piggyvest, and Remedial Health, ventures that have gone on to attract global recognition and significant follow-on funding. The firm’s performance made it a natural choice as a partner for the iDICE initiative.
This move could strengthen Nigeria’s position as a magnet for venture capital across Africa. The infusion of public capital into a private-led fund signals maturity in government thinking and could inspire confidence among global investors seeking stability in the region’s innovation markets.
With its Pan-African Fund II, Nigeria is not just investing in startups but making a bold statement, investing in the future of work, the digital economy, and the youth driving it.
If executed well, this handshake between the government and the private sector could become a model for how African governments can catalyse growth through smart capital, unlocking the full potential of the continent’s innovation economy.
