Nigeria opens $110M debt fund to fuel tech and creative startups
What's the deal? The Federal Government of Nigeria has opened a $110 million debt financing window for tech and creative startups through the Bank of IndustryDealroom has a profile for this one. Try Dealroom →. The capital flows under the Investment in Digital and Creative Enterprises (iDICE) program, aimed at closing the funding gap for early-stage and growth firms.
How is it structured? The window splits into two facilities. The BOI-iDICE Debt Fund holds $45 million in standard commercial debt, while the IsDB-iDICE Debt Fund holds $65 million backed by the Islamic Development BankDealroom has a profile for this one. Try Dealroom →, offering Sharia-compliant Murabaha financing.
Both funds are operational and open to eligible enterprises across all 36 states and the Federal Capital Territory. The nationwide scope aims to decentralise tech wealth away from Lagos.
Why now? African startups have leaned heavily on foreign venture capital equity, forcing founders to dilute ownership early. The iDICE facilities offer non-dilutive growth capital for firms that have reached product-market fit, letting them scale, hire, and expand without surrendering equity.
Who benefits? The creative sector — film, music, gaming, and digital content — is a primary target. Local creators often struggle to secure bank loans without physical collateral, so the iDICE framework treats intellectual property and digital cash flows as viable metrics for debt servicing.
To qualify, startups must show clear revenue trajectories and operational viability. The broader iDICE program is training 185 founders in its first iDICE Startup Bridge cohort and rehabilitating digital and creative hubs at 66 institutions.
What's the endgame? The debt facilities complement iDICE's equity commitments, including an anchor investment in Ventures PlatformDealroom has a profile for this one. Try Dealroom →'s $64 million Pan-African Fund II. Together, the equity and debt create a blended finance model spanning the full startup lifecycle.
The signal: Nigeria is building an alternative to equity-heavy venture models, positioning debt as a tool to scale startups without diluting founders. The $110 million intervention offers a case study for other African hubs weighing how to fund their ecosystems.
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Image credit: The African Union Mission in Somalia
