FG Opens iDICE Funding for Tech and Creative Businesses – Apply Now
The Federal Government has opened two financing opportunities under its Investment in Digital and Creative Enterprises (iDICE) Programme.
This is an opportunity for eligible Nigerian technology startups and creative businesses to access funding of up to ₦1 billion.
Implemented by the Bank of Industry (BOI), the initiative is designed to address funding challenges facing businesses in Nigeria’s digital technology and creative industries while supporting entrepreneurship, innovation, business expansion and job creation.
The two financing opportunities currently open are the BOI–iDICE Debt Fund and the IsDB–iDICE Debt Fund. Together, they provide conventional and Sharia-compliant financing options for qualifying businesses seeking capital to expand their operations, acquire productive assets and strengthen their market presence.
According to the programme’s official opportunities page, the BOI–iDICE Debt Fund has a financing pool of US$45 million, while the IsDB–iDICE Debt Fund provides a US$65 million financing facility.
About the iDICE Programme
The Investment in Digital and Creative Enterprises (iDICE) Programme is a Federal Government initiative established to promote the growth of Nigeria’s technology and creative sectors.
With an estimated programme value of approximately US$618 million, iDICE is supported by the African Development Bank (AfDB), Agence Française de Développement (AFD), Islamic Development Bank (IsDB) and the Bank of Industry.
The programme focuses on improving access to finance, developing entrepreneurial skills, strengthening innovation infrastructure and supporting businesses with the potential to create jobs and contribute to Nigeria’s economic growth.
Through its financing facilities, iDICE seeks to help eligible startups and established enterprises overcome capital constraints and become more competitive locally and internationally.
1. BOI–iDICE Debt Fund: Apply for ₦10 Million to ₦1 Billion
The BOI–iDICE Debt Fund provides conventional debt financing to eligible Nigerian technology and creative businesses with demonstrated growth potential.
The facility is intended to help businesses expand their operations, purchase equipment, increase production capacity and invest in other activities that support sustainable business growth.
Key financing details include:
Fund Size: US$45 million.
Financing Amount: ₦10 million to ₦1 billion.
Interest Rate: Maximum of 10% per annum.
Moratorium: Up to six months.
Repayment Period: Up to five years.
Funding Type: Debt financing.
The actual amount approved, interest rate and repayment conditions will depend on the applicant’s business assessment and the applicable financing terms.
2. IsDB–iDICE Debt Fund: Access Non-Interest Financing
The second funding opportunity is the IsDB–iDICE Debt Fund, a US$65 million financing facility established through the partnership between the Federal Government of Nigeria and the Islamic Development Bank.
Unlike the conventional BOI financing facility, this option provides Sharia-compliant, non-interest financing through the Murabaha model.
Under this arrangement, the financier purchases an eligible business asset and resells it to the beneficiary at an agreed price, including a disclosed profit margin.
The facility is primarily designed to support businesses seeking to acquire productive assets, equipment, technology, creative infrastructure and other resources required for business expansion.
Key features include:
Fund Size: US$65 million.
Financing Type: Sharia-compliant, non-interest financing.
Financing Structure: Murabaha (cost-plus-markup).
Purpose: Acquisition of productive business assets.
Eligibility: Qualified Nigerian technology and creative businesses.
Religious Requirement: Open to eligible applicants regardless of religious background.
Interested businesses can apply through the BOI financing portal or participating non-interest financial institutions, including Lotus Bank, SunTrust Bank and Summit Bank.
Eligible Business Sectors
The iDICE financing opportunities are open to registered Nigerian businesses operating in eligible technology and creative industry sectors.
These include:
Technology and Digital Businesses
Financial Technology (FinTech).
Health Technology (HealthTech).
Educational Technology (EdTech).
Agricultural Technology (AgriTech).
Climate Technology (ClimateTech).
Artificial Intelligence (AI) and Data.
Software development and digital services.
E-commerce and cybersecurity.
Digital platforms and technology-enabled businesses.
Creative Industry Businesses
Film and television production.
Music and entertainment.
Animation and visual effects.
Gaming and interactive media.
Fashion and beauty.
Digital content creation.
Publishing.
Photography and cinematography.
Performing arts.
Visual arts and design.
Other qualifying technology-enabled and creative enterprises may also be considered, subject to the programme’s eligibility requirements.
Who Can Apply?
To qualify for the iDICE financing opportunities, applicants must meet the relevant business and financial requirements.
Generally, eligible applicants must:
Be duly registered Nigerian business entities.
Operate within the approved technology or creative industry subsectors.
Demonstrate commercial viability and growth potential.
Have an innovative business model with potential for expansion.
Comply with applicable regulatory requirements.
Meet the Bank of Industry’s credit assessment, Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
Both startups and qualifying established technology and creative businesses can apply, subject to the specific requirements of the financing facility.
The programme particularly targets innovative businesses with the potential to scale, create employment and compete in local and international markets.
Required Documents and Application Preparation
Interested businesses should prepare relevant corporate, financial and operational information for the application and assessment process.
Applicants should be ready to provide:
Business registration and incorporation documents.
Information about the company’s ownership and management.
Details of the business model, products and services.
Financial records and relevant business performance information.
Information about the proposed use of the financing.
Details of existing operations, customers and growth potential.
Other supporting documents requested by the Bank of Industry or participating financial institution.
The exact documentation requirements may vary depending on the financing option and the applicant’s business category.
How to Apply for iDICE Funding
Interested and qualified Nigerian technology and creative businesses can apply through the official BOI–iDICE financing portal.
Follow these steps:
Visit the official application portal.
Select the appropriate financing option based on your business needs.
Click on the option to express interest or proceed with the application.
Provide your business registration details and other requested information.
Complete the application and submit the required documentation.
Await further communication regarding assessment and subsequent application stages.
Applicants seeking the non-interest financing option may also approach participating financial institutions, including Lotus Bank, SunTrust Bank and Summit Bank.
Application Deadline: No fixed closing date has been announced on the official opportunities page. Applications are currently listed as open.
Apply Here: BOI–iDICE Official Financing Application Portal.
View Available Funding Opportunities: Explore the Official iDICE Funding Opportunities.
Programme Website: Visit the iDICE Official Website.
Enquiries and Further Information
For additional information about the financing opportunities, application requirements and eligibility conditions, interested businesses can contact the Bank of Industry through the following channels:
Email: customercare@boi.ng
Telephone: 0700 225 5264
Programme Email: idiceprogramme@boi.ng
Important: The iDICE financing opportunities are loans and not grants. Applicants are expected to repay approved financing according to the agreed terms. Access to up to ₦1 billion under the BOI–iDICE facility is subject to eligibility assessment, credit approval and availability of funds. Applying does not guarantee funding.
