Nigeria Invests $618M to Fund Startups in All 36 States

Entrepreneurs across Nigeria are getting a real shot at building their dreams, no matter which state they call home.

The federal government just launched the iDICE Startup Bridge, a $618 million program designed to support founders in all 36 states and the capital territory. For years, most startup funding concentrated in cities like Lagos and Abuja, leaving talented entrepreneurs in other regions without access to capital or mentorship.

Now that's changing. The program offers two clear pathways for founders at different stages.

The Founders Lab welcomes idea-stage entrepreneurs with a 12-week training program starting March 16. Each year, 250 participants will learn how to validate their concepts, build business models, and create their first working products through hands-on mentorship. The top 100 who hit their milestones will receive grants up to $7,215 to launch their ventures.

For startups already showing early success, the Growth Lab provides $100,000 in equity investment. These companies get support scaling operations, strengthening their teams, and connecting with institutional investors who can fuel their next stage of growth.

The initiative runs under the Investment in Digital and Creative Enterprises program, backed by the African Development Bank, Agence Française de Développement, and the Islamic Development Bank. The Bank of Industry handles implementation, ensuring resources reach entrepreneurs nationwide.

Vice President Kashim Shettima, who chairs the program's steering committee, said the goal is giving every young Nigerian entrepreneur a genuine pathway to success. The program made its first startup investment in late 2024 through Ventures Platform, a seed-stage venture capital firm active across the continent.

The Ripple Effect

This nationwide approach could transform Nigeria's innovation landscape. When entrepreneurs in smaller cities and rural areas get the same resources as their counterparts in major hubs, entire communities benefit from new jobs, solutions to local problems, and economic growth that stays local.

The program also addresses a critical gap in Africa's startup ecosystem. While the continent's startups raised $2.2 billion in 2024, most of that funding flowed to a handful of well-connected hubs. By deliberately reaching all 36 states, Nigeria is betting that great ideas can come from anywhere.

Training 250 founders annually might seem modest, but these entrepreneurs will return to their communities with skills, capital, and networks. They'll hire locally, solve regional challenges, and inspire the next wave of innovators who previously saw entrepreneurship as something that only happened elsewhere.

For founders outside traditional tech centers who've watched opportunity pass them by, help is finally arriving at their doorstep.