FG Announces Fresh Funding Opportunity; Businesses Can Access Up to ₦1bn
- The federal government’s ₦50,000 grant has prompted questions about payment delays, complaint options and how beneficiaries can access their funds
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- The article explains how NairaGram beneficiaries can access and withdraw their grant money
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Federal Government has opened a financing opportunity for eligible Nigerian technology startups and creative businesses, offering loans ranging from ₦10 million to ₦1 billion.
The funding is available through the Bank of Industry (BOI) under the Investment in Digital and Creative Enterprises (iDICE) Programme, designed to support businesses seeking capital for expansion.
Source: Getty Images
According to information published on the programme's website, the BOI–iDICE Debt Fund has a financing pool of $45 million, with loans attracting interest rates of up to 10% annually.
The initiative targets entrepreneurs in technology, digital services and creative industries, providing an alternative source of financing for businesses struggling with the cost of commercial bank loans.
BOI announces loan repayment conditions
Under the financing arrangement, successful applicants may receive repayment periods of up to five years, depending on their business requirements and approval conditions.
The facility also provides for a possible moratorium of up to six months, allowing qualifying businesses some time before commencing scheduled repayments.
However, the amount approved will depend on the applicant's financial position, business model, repayment capacity and proposed use of the funds.
The BOI explained that the facility is intended to help businesses acquire productive assets, expand operations and improve their competitiveness.
Unlike grants, the funding must be repaid according to agreed conditions.
FG targets Nigeria's digital economy
The financing window forms part of the wider iDICE Programme, valued at approximately $618 million.
Development finance partners support the initiative, including the African Development Bank, Agence Française de Développement and the Islamic Development Bank.
Beyond financing, the programme covers entrepreneurship development, skills acquisition, business support and infrastructure for Nigeria's technology and creative sectors.
The government expects the initiative to strengthen businesses operating in industries with opportunities for innovation, employment and economic growth.
Source: UGC
How interested businesses can apply
Eligible businesses must be registered entities operating in Nigeria and meet the programme's financing requirements.
Applicants are expected to provide accurate business information and supporting documents for assessment.
Interested entrepreneurs can submit applications through the official BOI financing portal
The application process is free, according to the programme's published information.
Business owners should review the eligibility requirements carefully and avoid individuals who promise guaranteed loan approvals in exchange for payment.
FG opens applications for N4bn 3MTT funding
Legit.ng earlier reported that the Federal Government has opened applications for organisations and individual experts seeking to participate in its 3 Million Technical Talent (3MTT) programme, unveiling approximately N4 billion in funding to support skills development and employment outcomes.
The funding, covering Cohorts 5 and 6, is part of a new initiative designed to equip Nigerians with in-demand digital skills while creating pathways to employment, entrepreneurship and economic opportunities.
Source: Legit.ng
