The Federal Government is renewing its push to finance Nigeria’s technology and creative industries at the Creative Africa Nexus Weekend (CANEX WKND) in Lagos. On November 6, Industry, Trade and Investment Minister Jumoke Oduwole said more than $600 million was being unlocked through the Investment in Digital and Creative Enterprises (iDICE) programme.
This is not a new $600 million grant released at CANEX. iDICE began in March 2023 with an official programme value of about $618 million. The latest development is its deal room, designed to connect businesses with investors.
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CANEX deal room to match firms with investors
As CANEX’s official Deal Room Partner, iDICE plans to introduce 15 to 20 investment-ready Nigerian technology and creative businesses to investors and financiers. The event runs from November 5 to 8.
The target is 40 to 50 investor-enterprise meetings. Participants may meet iDICE-backed fund managers, Ventures Platform and Kuramo Capital, the BOI-iDICE Debt Fund and managers of the Islamic Development Bank-supported facility.
These are pitch opportunities, not funding awards. Investors must still assess each company’s revenue, financial records, intellectual-property ownership, management and ability to meet financing terms.
Debt windows outline financing terms
iDICE offers several financing routes rather than one grant for all applicants. Its opportunities page lists a $45 million BOI-iDICE debt facility and a $65 million IsDB-iDICE facility. BOI says the two products provide $110 million combined for technology and creative startups.
Under the BOI facility, qualifying businesses can seek ₦10 million to ₦1 billion. Published terms include interest of up to 10 per cent yearly, up to six months’ moratorium and repayment of up to five years, subject to assessment. The IsDB window uses Murabaha, a cost-plus structure, to finance eligible business assets.
Back Story: A programme launched in 2023
Former Vice-President Yemi Osinbajo launched iDICE on March 14, 2023, to support young Nigerians aged 15 to 35 in technology and creative industries. It is implemented by BOI with the African Development Bank, Agence Française de Développement and the Islamic Development Bank.
In July 2026, BOI appointed Kuramo Capital to manage a Fund of Funds targeting at least $170.6 million, including an $85.3 million government anchor commitment and matching private capital to be raised. BOI also reported 185 founders in the first Startup Bridge cohort and hub upgrades under way in 66 tertiary institutions.
The real test is access to capital
The key questions for founders are eligibility, application windows, documentation and cost. The programme says applicants must be registered Nigerian businesses and meet the chosen facility’s requirements.
The $600 million headline will matter when companies secure funding and expand, not simply attend meetings. CANEX’s real measure will be completed investments, stronger businesses and jobs sustained after the event. Applicants should compare debt with equity: loans must be repaid, while equity investors usually expect an ownership stake and commercial return. Founders should prepare registration documents, accounts, cash-flow forecasts and evidence that they own or can license the content they plan to monetise before submitting applications. This can build credibility.
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