In a move that has been described as a strong validation of Africa’s growing technological opportunity, Nigeria has invested in Ventures Platform’s $64 million Fund II through the Investment in Digital and Creative Enterprises (iDICE) programme, implemented by the Bank of Industry (BOI).
According to Founding Partner at Ventures Platform, Kola Aina, the firm, known for backing successful ventures like Moniepoint and Piggyvest, believes that by supporting resilient founders, Nigeria is catalyzing sustainable innovations across the continent. This infusion of public capital into a private-led fund is viewed as a sign of maturity in government thinking, which is expected to boost investor confidence and strengthen Nigeria’s position as a magnet for venture capital across Africa.
The move marks a major governmental commitment to catalyze private sector-led growth across the nation’s burgeoning technology and creative economy sectors.
The government’s participation in Ventures Platform’s Pan-African Fund II, which is targeting a total of $75 million, signals a strong readiness to back high-growth, technology-enabled enterprises. The fund aims to deepen seed investments and spur subsequent Series A funding rounds for startups across the continent. Ventures Platform, a leading seed-stage venture capital firm with a successful track record, attracted other high-profile global investors to its first close, including the International Finance Corporation (IFC), Standard Bank, and British International Investment (BII), positioning the iDICE programme alongside major international financial institutions.
Speaking on the development, Dr. Olasupo Olusi, MD/CEO of the Bank of Industry, affirmed that this investment perfectly aligns with the government’s vision for economic diversification, noting that the fund serves as iDICE’s Technology Equity Fund for Nigerian startups.
For Nigeria’s tech ecosystem, the government’s direct investment in a major private venture fund is a game-changer. It represents a market-driven route to stimulate innovation, bridging the gap between national policy ambition and practical capital deployment, rather than relying solely on grants.
Ultimately, through its involvement in this major fund, the Federal Government is making a bold statement: it’s not just investing in startups, but in the future of work, the digital economy, and the innovative youth driving it. This public-private partnership model, if successfully executed, has the potential to become a blueprint for other African governments on how to smartly unlock the full potential of the continent’s innovation economy through targeted capital deployment.
