Nigeria Launches $617M Fund for Startup Founders Nationwide

Nigeria is betting big on entrepreneurs outside its traditional tech hubs, and the money is real.

The federal government launched iDICE Startup Bridge this month, a two-track program that will support 250 founders annually with training, mentorship, and actual funding. Applications opened March 16 for the first cohort, targeting innovators across all 36 states and the Federal Capital Territory.

The Founders Lab accepts idea-stage entrepreneurs with early prototypes or concepts they want to validate. Participants go through a 12-week program focused on business model development and creating minimum viable products. The top 100 founders who hit program milestones will receive grants up to 10 million naira (about $7,215) to launch their ventures.

The Growth Lab, launching later, targets startups that already have traction and revenue. Selected companies receive $100,000 in equity investment plus direct connections to institutional investors for follow-on funding. Startups that secure additional external investment may also access match funding.

The program runs under the broader Investment in Digital and Creative Enterprises initiative, which launched in 2023 with $617.7 million from the African Development Bank, Agence Française de Développement, and the Islamic Development Bank. The Bank of Industry implements the program and recently disbursed 43 billion naira to digital and creative sector projects.

"Founders Lab is a bridge that connects potential to proof, and proof to capital," said Cindy Ezerioha, Head of Founders Lab. "This programme is built for people with innovative ideas, early prototypes, or unanswered questions about how to take their first real step."

The Ripple Effect

The real story here is geographic inclusion. Nigerian startup capital has historically concentrated in Lagos and Abuja, leaving talented founders in other states without access to funding or mentorship networks. By deliberately targeting all states, iDICE Startup Bridge could unlock innovation from communities that have been largely shut out of the tech ecosystem.

Vice President Kashim Shettima, who chairs the iDICE Steering Committee, called it "a real opportunity to build or scale" that could "reshape early-stage enterprise development and innovation outcomes over time." Whether the Bank of Industry can deliver the high-touch mentorship and investor connectivity that early-stage founders need will test the program's ability to translate scale into real impact.

Applications close April 20, 2026, with selections based on published merit criteria.

For Nigerian founders who've been waiting for their shot, the bridge is finally open.