Nigeria Backs 100 Startups With $735K in New Program

Young entrepreneurs across Nigeria now have a clear path to turn their startup dreams into funded realities, thanks to a new government initiative putting real money behind innovation.

The Nigerian government just opened applications for iDICE Startup Bridge, a program designed to support founders who are too early for traditional venture capital but ready to build. Through its Founders Lab track, 100 entrepreneurs will each receive 10 million naira (about $7,350) after completing a 12-week intensive program.

"This programme gives young entrepreneurs across the country a real opportunity to build or scale," said Vice President Kashim Shettima, who chairs the initiative's steering committee. The program specifically targets founders outside Lagos and other major startup cities, working with local hubs across all regions to ensure geographic diversity.

The 12 weeks aren't just about the money. Founders will learn to validate their business problems, structure their companies properly, and develop minimum viable products. Industry veterans like Miva University founder Sim Shagaya will teach masterclasses, while participants get stipends for internet costs and workspace access.

Cindy Ezerioha, who heads the Startup School at iDICE, explains they're looking for founders who don't yet meet venture fund thresholds. "The goal is to develop a stronger pipeline of investable Nigerian startups," she said.

The program runs on support from heavy hitters including the African Development Bank, Bank of Industry, and French Development Agency. Partners like Amazon Web Services, Microsoft, and Paystack are providing technology credits, workspace vouchers, and discounted services to help founders succeed beyond the initial grant.

Selection focuses on four key areas: team capability, solution scalability, program commitment, and smart use of funds. Since it's self-paced, founders need to show they can stay engaged and make progress.

Two cohorts will run each year, with at least 250 startups joining in 2025 alone. Ventures Platform manages the program as fund manager.

The Ripple Effect

The initiative extends beyond immediate funding. A second track called Growth Lab will launch later this year, offering $100,000 equity investments to selected startups ready to scale. Founders who complete that program can access another $125,000 in matching funds, creating a clear growth path from idea to investment-ready company.

Top performers also get a shot at additional capital through a national pitch competition. This layered approach means one program could carry a founder from prototype all the way to their Series A funding round.

For a country where location and connections often determine who gets startup opportunities, iDICE Startup Bridge offers something different: a structured path forward for anyone with a solid idea and the commitment to build it.