FG unveils $110m iDICE debt fund for tech, creative startups

The Federal Government has opened a $110 million debt financing window for technology and creative enterprises under its Investment in Digital and Creative Enterprises (iDICE) programme, offering affordable loans aimed at addressing one of the sector’s biggest constraints: access to long-term growth capital.

The financing package, unveiled by the Bank of Industry (BOI) as the implementing agency for iDICE, comprises a $45 million BOI-iDICE Debt Fund and a $65 million IsDB-iDICE Debt Fund, with both facilities now open to eligible startups across Nigeria’s 36 states and the Federal Capital Territory.

The initiative forms part of the broader $617 million iDICE programme, one of Africa’s largest government-backed innovation financing schemes, supported by the African Development Bank (AfDB), Agence Française de Développement (AFD), the Islamic Development Bank (IsDB) and the Bank of Industry.

The BOI-iDICE Debt Fund, funded by the Federal Government, will provide financing ranging from ₦10 million to ₦1 billion at a maximum interest rate of 10 per cent per annum, with repayment periods of up to five years and a moratorium of up to six months. The facility targets technology and creative enterprises with proven market traction seeking to scale operations and expand market reach.

The IsDB-iDICE Debt Fund, backed by a $65 million commitment from the Islamic Development Bank, adopts a Murabaha financing model, a Sharia-compliant cost-plus arrangement designed primarily for asset acquisition. The facility will finance equipment, technology infrastructure, creative production assets and other productive investments and is open to all eligible Nigerian businesses irrespective of religious affiliation.

According to BOI, the financing windows were designed to bridge the funding gap facing innovative startups, many of which struggle to access commercial loans because of high interest rates and short repayment tenors.

The bank noted that the debt facilities complement iDICE’s broader financing architecture, which also provides equity and quasi-equity funding through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund, supporting businesses from early-stage development through expansion.

Interested startups can apply through the official iDICE portals, while BOI said eligibility criteria and application guidelines are available online.