Nigeria Launches $618M Fund for 500+ Startup Founders

Nigeria is building a pipeline to turn raw ideas into fundable startups, and it's designed to reach every corner of the country.

The federal government launched the iDICE Startup Bridge on March 16, 2026, a $617.7 million program aimed at training over 500 founders annually. Applications opened the same day and run through April 20 for the first cohort.

What makes this different is the two-track approach. The Founders Lab targets young Nigerians aged 18 to 35 with early ideas, offering a 12-week accelerator that includes internet stipends and workspace access. The top 100 performers each receive a ₦10 million grant (about $7,215) with no equity required.

The Growth Lab goes further for startups already showing traction. Selected companies receive $100,000 in equity investment, plus support in preparing for institutional fundraising. If they attract outside investors, they can unlock another $125,000 in matching funds, bringing total potential support to $225,000.

The program is managed by Ventures Platform and implemented through the Bank of Industry. Funding comes from major international players including the African Development Bank ($170 million), Agence Française de Développement ($116 million), and the Islamic Development Bank ($70 million).

The Ripple Effect

The geographic focus could reshape Nigeria's tech landscape. Vice President Kashim Shettima described it as "pipeline infrastructure" designed to break Lagos's near-monopoly on venture capital. Right now, nearly 90% of startup funding flows to the Lagos-Abuja corridor, leaving talented founders in other states without support structures.

"This is about ensuring a founder in Gombe or a creative in Enugu has the same structural support as someone in Yaba," said Cindy Ezerioha, Head of Startup School. By deliberately including all 36 states and the Federal Capital Territory, the program could spark innovation ecosystems in cities that have watched tech growth happen elsewhere.

The initiative also addresses a critical gap between having an idea and being ready for serious investors. Many founders have solutions to real problems but lack the business structure, governance, or validation that venture capitalists require. The two-lab system meets entrepreneurs wherever they are and provides a clear path forward.

Applications are open now at www.startupbridge.ng, and selection will focus on team capability, solution scalability, and commitment to the program. For hundreds of Nigerian entrepreneurs, the path from idea to funding just got clearer.