FG backs 185 founders in first cohort of $617m digital economy drive

Nigeria’s ambitious $617 million Investment in Digital and Creative Enterprises (iDICE) programme has selected 185 startup founders for the inaugural cohort of its Founders Lab, marking a significant milestone in the Federal Government’s effort to build a stronger innovation-driven economy.

The founders were selected after a rigorous application process that attracted over 7,000 completed applications from entrepreneurs across the country, underscoring the growing demand for startup support and innovation funding in Nigeria.

The iDICE programme, launched in 2023, is a flagship initiative of the federal government aimed at accelerating digital innovation, youth entrepreneurship, and economic diversification. The programme is jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), while the Bank of Industry (BoI) serves as both executing agency and financier.

The selection of the 185 founders forms part of the iDICE Startup Bridge initiative, a founder-support platform designed to help entrepreneurs build scalable businesses. Startup Bridge operates through two tracks: the Founders Lab, which targets early-stage innovators, and the Growth Lab, designed for startups that have already developed products and gained market traction.

According to programme officials, more than 500 applicants were shortlisted after a multi-stage review process before 185 founders were eventually selected based on innovation potential, market relevance, and execution capability.

Speaking on the significance of the initiative, Kashim Shettima, Vice President and Chairman of the iDICE steering committee, said the programme reflects the government’s commitment to investing in sectors that will shape Nigeria’s future economy.

“By unlocking the creative and digital potential of our youth, the federal government is investing in sectors that will define Nigeria’s future economy. Programmes like iDICE are creating pathways for young innovators to build globally competitive businesses from Nigeria,” he said.

The selected founders represent all six geopolitical zones of the country, reflecting the programme’s emphasis on national inclusion and its effort to expand opportunities beyond traditional startup hubs such as Lagos and Abuja. Women entrepreneurs account for 38 percent of the cohort, exceeding the programme’s target of 30 percent female participation.

Olasupo Olusi, the managing director of the Bank of Industry, described the initiative as a strategic investment in Nigeria’s next generation of entrepreneurs.

“These founders represent the ambition, creativity, and resilience of a new generation of Nigerian innovators. Through iDICE, we are helping to build a stronger pipeline of scalable businesses that can create jobs, attract investment, and contribute meaningfully to Nigeria’s economic transformation,” Olusi said.

Ife Adebayo, national coordinator of the programme, expressed confidence that the initiative could produce Nigeria’s next generation of globally competitive startups.

The selected entrepreneurs will now undergo a 12-week intensive incubation programme covering mentorship, operational development, business strategy, and investment readiness. Participants will also compete for grants of up to N10 million to accelerate the growth of their ventures.

Beyond startup financing, iDICE is designed as a broader economic development programme. Its targets include establishing 66 innovation hubs and centres of excellence nationwide, training up to 300,000 young Nigerians in digital and creative skills, and supporting hundreds of startups with financing and investment-readiness assistance.

Applications for the Growth Lab track are expected to open in the coming weeks as the programme expands its interventions across enterprise financing, digital skills development, innovation infrastructure, and creative industry support.