The Federal Government of Nigeria has opened a $110 million iDICE debt financing window for Nigerian technology and creative businesses, giving eligible startups access to structured funding to expand operations, acquire productive assets, and reach new markets.
The financing is being delivered through two facilities launched by the Bank of Industry (BOI), the implementing agency for the Federal Government’s Investment in Digital and Creative Enterprises programme, known as iDICE.
The two facilities are the $45 million BOI iDICE Debt Fund and the $65 million IsDB iDICE Debt Fund. Together, they create a new financing route for businesses that may have moved beyond the earliest stages of startup funding but still struggle to secure affordable capital from conventional lenders.
Two Funds, Two Different Financing Needs
Although both facilities fall under the same iDICE programme, they are designed to address different funding requirements. The $45 million BOI iDICE Debt Fund is targeted at technology and creative businesses that have demonstrated traction and are looking to scale.
Eligible businesses can access between ₦10 million and ₦1 billion, with an interest rate of up to 10 percent per annum. The facility provides repayment periods of up to five years, alongside a moratorium of up to six months.
This makes the facility particularly relevant for businesses that already have an operating model, customers, or revenue but need additional capital to increase production, expand their market presence, or strengthen their operations.
The $65 million IsDB iDICE Debt Fund takes a different approach.
Backed by the Islamic Development Bank, the facility operates through Murabaha financing, a Sharia-compliant structure in which the financier purchases an asset and resells it to the business at an agreed price that includes a disclosed profit margin.
The facility is primarily designed for asset financing, meaning startups can use it to acquire equipment, technology, creative infrastructure and other productive assets needed to grow their businesses.
Importantly, the Murabaha facility is open to all Nigerians regardless of their religious background or beliefs.
Why The Funding Matters
For many Nigerian startups, the challenge is no longer simply finding an idea or building a product. The bigger challenge is financing the next stage of growth.
Traditional commercial lending can be difficult for startups because of high borrowing costs, collateral requirements and repayment structures that may not align with the cash flow of growing businesses.
The new iDICE debt facilities are designed to address that gap by providing financing with longer repayment periods and structures tailored towards technology and creative businesses.
The programme is also intended to cover businesses across Nigeria, with the two financing windows available to eligible enterprises in all 36 states and the Federal Capital Territory.
The $110 million Is Only One Part of iDICE
The debt facilities sit within a much larger $617 million iDICE programme, which brings together the African Development Bank, Agence Française de Développement, and the Islamic Development Bank, with BOI serving as the implementing agency and a co-financier.
Rather than relying on one type of funding, iDICE is building a financing structure that covers businesses at different stages of development.
Its wider investment architecture includes the DICE Technology Fund, DICE Creative Fund, and DICE Fund of Funds, which are designed to provide equity and quasi-equity financing to technology and creative businesses.
In July 2026, BOI also appointed Kuramo Capital Management to manage the DICE Fund of Funds, which is structured to reach a minimum capitalisation of $170.6 million. The Federal Government is providing an $85.3 million anchor commitment, with Kuramo Capital expected to raise matching private sector capital.
This means the newly launched debt facilities are not a standalone intervention. They form part of a broader attempt to create multiple routes to capital for Nigerian startups, from capacity building and early-stage investment to growth financing and larger-scale expansion.
A Programme Moving beyond Funding
The financing rollout comes as iDICE expands its other interventions across Nigeria. According to BOI, implementation is already progressing across the programme’s three pillars: access to finance, skills and enterprise development, and ecosystem strengthening. The programme has also launched the iDICE Startup Bridge, with its first cohort of 185 founders undergoing training, while digital and creative hubs are being established or revamped across 66 institutions, including 36 universities and 30 polytechnics.
BOI has also highlighted the scale of the existing digital and creative economy opportunity. In 2025 alone, the bank financed 2,017 creative and digital businesses, deploying ₦41.35 billion to the sector. BOI also noted that Nigeria’s digital economy contributes nearly 19 percent to GDP, while the creative industry employs more than 4.2 million people according to research cited by the bank.
What Startups Should Understand
The $110 million announcement does not mean every startup will receive funding, and the facilities are not grants.
The BOI debt facility is structured around repayment and is intended for businesses with demonstrated traction and a clear need for growth capital. The IsDB facility is more specifically suited to businesses that need to acquire productive assets.
For founders, the distinction matters.
A startup looking to expand its customer base, operations, or market reach may find the BOI debt facility more relevant, while a creative studio that needs production equipment or a technology company looking to acquire infrastructure may find the Murabaha structure more suitable.
The larger significance of the launch is that Nigerian technology and creative businesses now have another formal financing channel between traditional commercial lending and equity investment.
With iDICE combining debt, equity, quasi-equity, skills development, and ecosystem support, the Federal Government is attempting to build a financing pipeline that can support businesses beyond the point of simply having an idea and towards becoming scalable companies.
For Nigeria’s startup ecosystem, the question now shifts from whether capital is available to how effectively eligible businesses can access it, deploy it, and turn the financing into sustainable growth.
Applications are Open
Startups should review the eligibility criteria and objectives of each window and apply for the facility that best fits their profile and preferences.
Full information on eligibility and how to apply is available through the official iDICE portal, idice.ng
Applications for the BOI-iDICE Debt Fund and for the IsDB-iDICE Debt Fund can be submitted through idice.boi.ng
For enquiries, contact the Bank of Industry through its customer support channels: 0700 225 5264 or customercare@boi.ng.
