50 Nigerians to Get N320m in Funding Via FG-Backed iDICE Startup Scheme
- About 50 Nigerian founders will receive N285 million in non-dilutive funding through the Federal Government’s iDICE Founders Lab programme
- Ten top-performing entrepreneurs will secure an additional N42.75 million after pitching their ventures at the Virtual Demo Day
- iDICE Startup Bridge supports Nigeria’s digital economy through early-stage incubation, business training, mentorship and performance-based funding
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Fifty Nigerian founders have been selected to receive a combined N285 million in non-dilutive funding under the Founders Lab Cohort 1 programme, an initiative of the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme.
The programme, delivered through the iDICE Startup Bridge and implemented by the Bank of Industry (BOI), is designed to help idea-stage entrepreneurs move from concepts to viable and sustainable businesses.
Source: Getty Images
Each of the 50 selected founders will receive N5.7 million to support the continued development and execution of their ventures across Nigeria.
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The beneficiaries were selected based on their performance and progress throughout the programme and represent participants from all six geopolitical zones.
How the founders earned the funding
Founders Lab was established to give early-stage entrepreneurs access to practical training, ecosystem connections and funding opportunities as they develop their business ideas.
The programme uses a hybrid learning model through which participants learn to identify and validate problems, refine their solutions, test business models and build the capabilities required to establish sustainable ventures.
At the start of the programme, participants received stipends to support their participation and learning activities.
As the cohort progressed, founders underwent structured learning sessions, assessments, expert-led masterclasses, advisory engagements, peer-to-peer activities and hub-based programmes.
Their progress and performance were assessed throughout the process, enabling participants to strengthen their ideas and develop them into more credible early-stage business concepts.
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the programme had demonstrated what entrepreneurs could achieve when they applied their learning and tested their assumptions.
He said the additional funding would help the top-performing founders build on the progress they had already made while creating opportunities for those with strong growth potential.
10 founders secure additional N42.75m
Beyond the initial funding, 15 participants from the 50 selected founders were chosen to pitch their businesses during the programme’s Virtual Demo Day.
Following the pitches, 10 entrepreneurs received an additional N4.275 million each, taking their individual funding to approximately N10 million.
The additional funding means the 10 founders collectively received N42.75 million on top of the initial N5.7 million awarded to each of the 50 beneficiaries.
Overall, the two funding rounds amount to approximately N327.75 million, or about N330 million, in direct support for the Founders Lab Cohort 1 participants.
The performance-based funding reflects the programme’s focus on supporting entrepreneurs who demonstrate measurable progress and the potential to develop their ventures further.
FG deepens support for Nigeria’s startup ecosystem
Cindy Ezerioha, Head of Founders Lab, said building a business was a long-term journey and that the programme was designed to help innovators make meaningful progress at the early stages.
According to her, the funding gives top-performing founders additional resources to strengthen their businesses, while the Demo Day experience prepares them to pursue opportunities beyond the programme.
The broader iDICE initiative seeks to promote innovation, entrepreneurship and job creation across Nigeria’s digital and creative sectors.
Through Founders Lab, entrepreneurs have gained access to experienced professionals, fellow innovators and ecosystem partners, while receiving practical tools to develop their business models.
What is the iDICE Startup Bridge?
The iDICE Startup Bridge is part of the Federal Government’s Investment in Digital and Creative Enterprises Programme, an intervention focused on strengthening Nigeria’s digital and creative economy.
The programme is implemented by the Bank of Industry and co-financed by the African Development Bank, Agence Française de Développement and the Islamic Development Bank.
Source: Getty Images
The Startup Bridge operates through two programmes: Founders Lab, an incubator for entrepreneurs at the ideation stage, and Growth Lab, an accelerator for post-MVP businesses seeking to scale and attract institutional capital.
The latest funding represents a significant intervention for early-stage founders who often struggle to secure capital before their businesses reach the stage required by conventional investors.
How to apply for the N10m iDICE scheme
Legit.ng earlier reported that young Nigerian entrepreneurs looking for funding and mentorship can now apply for the iDICE Startup Bridge programme, an initiative designed to support digital and creative businesses at different stages of growth.
The Investment in Digital and Creative Enterprises (iDICE) Scheme offers two distinct pathways for founders: one for idea-stage entrepreneurs and another for startups already building traction and seeking institutional capital.
Source: Legit.ng
