The Nigerian government, through its Investment in Digital and Creative Enterprises (iDICE) programme, has made its first investment in a venture capital fund.
The government’s participation went into Lagos-based Ventures Platform which announced it has raised $64 million toward its second fund, targeting a final close of $75 million, as per TechCrunch on Thursday.
Although it is not clear how much was invested, this development is a significant milestone for Nigeria which houses a considerable startup community and has the largest number of startup unicorns (companies valued over $1 billion) on the continent.
It also marks a pivotal moment in Nigeria’s economic diversification strategy, as it signals the government’s intention to move beyond traditional funding models and actively participate in the growth of the country’s startup ecosystem.
The iDICE program, managed by the Bank of Industry and co-financed by the African Development Bank (AfDB), the Islamic Development Bank (ISDB) and Agence Française de Développement (AFD), was established to channel public and private capital into Nigeria’s digital and creative sectors.
Initially launched under the administration of later former President Muhammadu Buhari, iDICE according to the current Minister of Art, Culture and the Creative Economy, Mrs Hannatu Musawa, is a major step toward significantly upscaling entrepreneurship and innovation in digital technology and creative industries, which include film, fashion, and music under the Bola Tinubu-led government.
Its investment in Ventures Platform represents the government’s confidence in using VC as a tool to scale innovation, job creation, and export-ready digital products.
Other limited partners in the fund include the IFC, British International Investment (BII), Proparco, Standard Bank, MSMEDA, AfricaGrow, and several global investors such as Mr Michael Seibel, former CEO of Y Combinator.
Since its founding in 2016, Ventures Platform has built a track record of identifying and backing some of Africa’s most successful startups, including Moniepoint (a Visa-backed unicorn) and Paystack, which was acquired by Stripe. The firm has funded more than 90 startups across fintech, healthtech, agritech, edtech, and AI sectors, businesses that are expanding access to essential services for millions across the continent.
For the Nigerian government, this partnership represents a strategic shift toward building a robust pipeline for innovation financing while ensuring that local startups can attract early growth capital without relying solely on foreign investors.