The Nigerian government has launched a $672 million fund targeting young entrepreneurs in the technology and creative sectors to promote entrepreneurship and job creation in Africa's largest economy.

The Investment in Digital and Creative Enterprises Programme (I-DICE) initiative was unveiled by Vice President Yemi Osinbajo on Tuesday, March 14, 2023, and is aimed at young Nigerians aged between 15 and 35 who are involved in early-stage creative, innovative, and technology-enabled ventures.

The government says it will provide $45 million in funding, with the private sector pledging $271 million. The African Development Bank will contribute $170 million; Agence Francaise de Developpement providing $116 million, and the Islamic Development Bank contributing $70 million.

Nigeria has the largest number of startups in Africa – mostly in fintech – and has attracted significant funding from overseas banks and venture capital firms.

The I-DICE initiative is expected to remove some of the barriers to funding faced by young entrepreneurs in Nigeria's tech and creative sectors and foster a more supportive environment for their growth and development.

Startup funding in Nigeria between 2019 and 2022