The Federal Government has launched a ₦482.4 million investment fund aimed at supporting 12 tech-enabled Nigerian startups.
The initiative is part of the Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) Programme, implemented by the Bank of Industry (BoI).
According to a statement on the initiative, applications have been opened for the Growth Lab, a 12-week accelerator programme that will select 12 tech-enabled startups from across the six geopolitical zones. The selected startups will receive intensive growth support, investment-readiness training, and access to up to $350,000 in funding.
Speaking on the programme, the National Coordinator, Ife Adebayo, said the Growth Lab is designed to support startups that have already gained early traction and are seeking the expertise, networks, and investment needed to scale, following the Founders Lab phase.
He explained that the Growth Lab serves as the Startup Bridge accelerator programme, specifically tailored for startups with a developed Minimum Viable Product (MVP) that require structured support to grow. The programme focuses on strengthening core business fundamentals and preparing startups for external investment.
Adebayo noted that the initiative targets founders who need access to support systems, industry networks, expert guidance, and investment readiness to accelerate their growth and strengthen their position within Nigeria’s innovation ecosystem.
He added that selected participants will benefit from structured growth support, investment-readiness preparation, access to industry experts, and opportunities for market expansion. In addition, each selected startup will receive a $100,000 cash investment (or naira equivalent) in exchange for 7.5 per cent equity upon entry into the programme, subject to terms and conditions, with the possibility of up to $250,000 in follow-on funding if certain growth milestones are achieved.
He further stated that eligible startups must be at the post-MVP stage and demonstrate market validation through users, customers, pilot projects, partnerships, waitlists, or other demand indicators. Applicants must also be willing to fully participate in the hybrid programme.
The programme will run as an intensive 12-week hybrid experience, combining virtual sessions with two weeks of in-person engagements in Lagos, focused on collaboration, learning, and business growth.
The statement added that applications opened on July 15, 2026, and will close on August 19, 2026.
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