FG enrols 185 founders in iDICE Startup Bridge

Nigeria's Federal Government has officially onboarded 185 founders into the first cohort of its iDICE Startup Bridge Founders Lab. This initiative is part of the broader Investment in Digital and Creative Enterprises (iDICE) program, a significant $617 million effort launched in 2023 to stimulate innovation, boost youth entrepreneurship, and diversify the nation's economy. The selection process was highly competitive, attracting over 7,000 applications nationwide.

The iDICE program is a collaborative effort, co-financed by the African Development Bank, the Agence Française de Développement, and the Islamic Development Bank. The Bank of Industry is serving as the executing agency and a key financier. The rigorous multi-stage review process narrowed down the initial pool of applicants to 500 shortlisted candidates before the final 185 entrepreneurs were chosen based on their innovation potential, market relevance, and execution capacity.

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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.

Vice President Kashim Shettima emphasized the program's role in unlocking the potential of young Nigerians, stating, "By unlocking the creative and digital potential of our youth, the Federal Government is investing in sectors that will define Nigeria’s future economy." He added that initiatives like iDICE create pathways for young innovators to build globally competitive businesses from within Nigeria. The current cohort demonstrates a strong commitment to national inclusion, with founders representing all six geopolitical zones, extending opportunities beyond traditional startup hubs like Lagos and Abuja. Notably, women entrepreneurs constitute 38% of the cohort, surpassing the program's 30% gender inclusion target.

Dr. Olasupo Olusi, Managing Director of the Bank of Industry, described the initiative as a strategic investment in the nation's next generation of entrepreneurs. "These founders represent the ambition, creativity, and resilience of a new generation of Nigerian innovators," Olusi said. The 185 selected entrepreneurs will participate in a 12-week intensive program focused on mentorship and skill development, aiming to nurture globally competitive startups and contribute to Nigeria's economic transformation through job creation and investment attraction.

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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.