New Post Africa

Category: Entrepreneurship & SMEs

Tinubu: NCGC guarantees unlock N46.95bn in loans for businesses

ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu says the National Credit Guarantee Company (NCGC) has issued ₦21.59 billion in guarantees, helping participating financial institutions extend ₦46.95 billion in loans to businesses and borrowers.

Tinubu, in a statement on Monday, said the NCGC was established to address one of the major barriers to business financing by sharing part of the lending risk with participating financial institutions.

He said the arrangement gives lenders greater confidence to extend credit to viable businesses and borrowers who may otherwise struggle to secure loans because of limited collateral or lack of credit history.

“When I sought your mandate, I promised to move Nigeria towards a credit-based economy and to establish a loan guarantee scheme that would help small businesses overcome the barriers that keep them from finance,” Tinubu said.

The president said the NCGC currently works with 19 financial institutions comprising 13 commercial banks, three microfinance banks and three development finance institutions.

“One year into operations, we can see what that model is doing,” he said.

Tinubu said every ₦1 in guarantees had helped unlock about ₦2.17 in credit, with 67,512 borrowers across 25 states and the Federal Capital Territory receiving NCGC-backed credit.

He added that 11,374 of the beneficiaries were women, while 33.5 per cent were first-time formal borrowers.

“For more than 22,000 Nigerians, this is their first entry into the formal credit system. They now have a credit record they can build. Each successful repayment strengthens that record and can make the next loan easier to secure,” he said.

According to the president, the businesses supported through the scheme account for an estimated 661,291 direct and indirect jobs.

Tinubu also reiterated his administration’s commitment to supporting micro, small and medium enterprises (MSMEs) through shared production facilities under the Renewed Hope Agenda.

He said the Federal Government was investing in shared MSME hubs through its National MSME Clinics to provide entrepreneurs with access to modern equipment, reliable power and production facilities without requiring them to bear the full cost individually.

“Today, 21 shared facilities across 19 states and the FCT are supporting businesses and an estimated 650,000 jobs,” he said.

Tinubu said the initiative was aimed at addressing the infrastructure and equipment constraints that often prevent small businesses from expanding.

“A tailor should not need millions of naira to buy industrial machinery before she can grow her business. A food processor should not have to build a factory before producing at scale,” he said.

The president said Nigerians had the ideas, skills and ambition to build successful businesses but often lacked access to the tools and infrastructure required to turn those capabilities into sustainable enterprises.

He said the government’s responsibility was to remove such barriers so that businesses could increase production, reduce costs, become more competitive and create employment.

Tinubu also cited other credit-related initiatives, including the Consumer Credit Corporation (CREDICORP), the Nigerian Education Loan Fund (NELFUND), the Bank of Industry and the Development Bank of Nigeria.

He said CREDICORP provides consumer credit to working Nigerians, while NELFUND supports student financing and the Bank of Industry and Development Bank of Nigeria continue to provide financing to businesses.

“Credit matters because of what people can do with it. A trader can restock before the festive season. When a manufacturer takes a bigger order and buys another machine to fill it, another Nigerian gets a job,” Tinubu said.

He said the government would continue to expand access to credit so that more Nigerians and businesses could benefit from the opportunities created by its economic reforms.

“We will keep widening that road until the opportunities our reforms create reach homes and businesses in every part of Nigeria,” he said.

September 29, 2026
Afreximbank extends $10m facility to Azania Bank to support Tanzanian SMEs

DAR ES SALAAM, Tanzania (NPA) — The African Export-Import Bank (Afreximbank) has extended a US$10 million financing facility to Azania Bank Plc to improve access to finance for small and medium-sized enterprises (SMEs) across Tanzania’s export value chains.

The facility is also expected to strengthen the participation of Tanzanian SMEs in regional and international trade.

Provided under Afreximbank’s Export SME Development Programme (ESDP), the facility will enable Azania Bank to offer eligible SMEs working capital and medium-term financing for business expansion, asset acquisition and pre- and post-export operations.

According to Afreximbank, the financing is expected to boost productivity and participation in regional and global value chains while addressing financing gaps that constrain SME growth and export development.

Azania Bank will on-lend the funds to eligible SMEs involved in export-oriented activities across sectors including agriculture, manufacturing, trade, technology, logistics and value-added exports.

The bank said the facility would strengthen its capacity to respond to the financing needs of SMEs and emerging businesses that contribute to Tanzania’s industrialisation and trade agenda.

The initiative is also expected to support business growth, create employment opportunities, improve export readiness and strengthen Tanzania’s participation in regional value chains.

It will further help SMEs take advantage of opportunities under the African Continental Free Trade Area (AfCFTA) by improving their capacity to participate in cross-border trade and regional supply networks.

In addition to financing, Afreximbank will provide participating SMEs with business development support, including export-readiness training, financial management advisory services, market-linkage opportunities, digitalisation support and access to SME-focused knowledge and networking platforms.

Afreximbank said the interventions were designed to strengthen enterprise resilience, improve competitiveness and enable SMEs to scale sustainably.

Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank, said SMEs were central to Africa’s productive economy and critical to industrialisation, value addition and trade-led growth.

“However, many businesses continue to face significant barriers to accessing the financing, market opportunities and technical support needed to scale and compete effectively,” Doherty said.

She said the partnership with Azania Bank would provide SMEs with financing as well as capacity-building and market-access support to help them grow, export and integrate into regional and global value chains.

Mr Yahaya Mbanka, Director, Business Development, Azania Bank Plc, said the facility would strengthen the bank’s ability to provide Tanzanian SMEs with financing to expand their businesses, invest in productive capacity and pursue export opportunities.

He said the partnership would also enable the bank to provide support tailored to businesses operating across Tanzania’s key value chains.

Afreximbank said the facility supports its mandate to promote trade, industrialisation and export development across Africa, while aligning with Tanzania’s priorities on domestic production, value addition, export diversification and regional trade integration.

According to Afreximbank’s 2025 Annual Trade Development Effectiveness Report (ATDER), the bank extended more than US$960 million to over 58,000 SMEs across Africa.

The report said the initiative prioritised women- and youth-led enterprises, among others, and provided trade finance facilities to help businesses obtain capital, scale operations, participate in cross-border trade and expand into new markets.

September 22, 2026
Ebonyi launches free digital skills training for young people

ABAKALIKI, Nigeria (NPA) — The Ebonyi State Government, through the Ebonyi State Small and Medium Enterprises Development Agency (EBSMEDA), has commenced a one-week free digital skills training programme aimed at equipping young Ebonyians with practical skills for the digital economy.

The programme, organised in collaboration with Mutech Afrique under the FON4-TECH Initiative, is designed to train participants in web development, graphic design, Web3 and artificial intelligence (AI) automation.

According to a statement signed by Leo Ekene Oketa, Special Assistant to the Governor on New Media, the training is scheduled to hold from September 14 to 18, 2026, at the Staff Development Centre, Kpirikpiri, Abakaliki.

The statement said training sessions would commence daily at 10:00 a.m., with participants expected to learn from experienced tutors in a practical training environment.

The initiative, according to the state government, is aimed at strengthening the digital and entrepreneurial capacity of young people and improving their ability to participate in the growing digital economy.

The government said the programme forms part of the administration’s broader efforts to equip residents with skills that can improve their employment and entrepreneurship prospects.

EBSMEDA, under the leadership of its Director-General, Dr Stephen Odoh, is implementing the programme as part of its efforts to support the development of the state’s small and medium enterprise and technology ecosystem.

The statement also linked the training to Governor Francis Ogbonna Nwifuru’s focus on skills development and youth empowerment, saying the administration had continued to pursue initiatives aimed at providing young people with practical knowledge and opportunities.

The organisers said the programme would help participants develop skills that could be applied in professional, entrepreneurial and technology-related activities.

September 14, 2026
Presidential spokesperson Dare speaks on venture architecture for global scale at Imperial College London
LONDON, United Kingdom (NPA) — The Special Adviser to President Bola Ahmed Tinubu on Media and Public Communications and presidential spokesperson, Mr Sunday Dare, has urged governments, private investors and start-ups to focus on building strong institutional and operational structures capable of supporting sustainable growth and global expansion.

Dare made the submission on Thursday, September 10, as the keynote speaker at the 2026 Investors Connect held at Imperial College London, United Kingdom.

The event was held under the theme, “Building for Global Scale: The Venture Architecture That Attracts Institutions and Funds.”

In a statement issued on Sunday, Dare shared key observations from his presentation, describing them as useful lessons for both government and operators in the private investment and start-up ecosystem.

He said scalability was not driven by ambition alone but depended on the structures and systems built around an idea, product or enterprise.

Among the key assertions from his presentation were:
1. “Scale is not simply a function of ambition; it is a function of architecture.”
2. “A good idea is not necessarily a scalable idea.”
3. “Early success is not scale, and a successful pilot is not the same thing as impact at scale.”
4. “Capital is indispensable to growth, but capital does not automatically create scalability. It accelerates what has already been designed and built to scale.”
5. “Reach is not scale. What matters is whether that reach can be sustained, expanded and converted into trust, adoption and value.”
6. “A good product is not enough, and the existence of a large potential market is not enough either.”
7. “The real question is not simply whether the market exists, but whether you have built an enterprise capable of serving that market at scale.”
8. “Scale does not always require building everything yourself. Sometimes it comes from bringing together capabilities, networks and strengths that already exist separately.”
9. “The critical question may not simply be, ‘What more must I build?’ but also, ‘Who already has the market access, infrastructure, knowledge or capability that can help us scale faster?’”
10. “An idea may begin with an individual, but if it is to achieve genuine scale, it must eventually become bigger than its originator.”
11. “Demand does not produce scale by itself. There must be an architecture capable of converting demand into access, transactions and sustained growth.”
12. “Government does not always have to be the entity doing the scaling. Sometimes its most consequential role is to create the conditions in which others can scale.”
13. “Regulatory risk is investment risk.”
14. “Global scale is not the ability to reproduce exactly the same model everywhere. It is the ability to preserve what makes your model valuable while adapting sufficiently to the economics, behaviour and institutions of each market.”
15. “Population by itself is not an economic advantage. Demography becomes an advantage when people are equipped with the skills, opportunities and productive capacity to create value.”
16. “The people architecture must be as scalable as the technology architecture.”
17. “Institutional capital ultimately wants to invest in an institution, not permanent dependence on an individual.”
18. “Activity is not impact, and pilot success is not population-level success.”
19. “There is a fundamental difference between budgeting for an outcome and financing its delivery.”
20. “The real test of an idea is not simply whether it works, but whether the architecture exists for it to work repeatedly, for many more people, under different market conditions, under greater pressure and complexity, and long after the individuals who first conceived it have moved on.”
Dare said the lessons were relevant to governments seeking to create enabling environments for businesses and investors looking for ventures capable of achieving sustainable growth beyond their initial markets.

He noted that successful ventures must develop structures that can withstand increasing demand, complexity and institutional expectations, rather than relying solely on the vision or capacity of their founders.

The presidential spokesperson also emphasised the importance of partnerships, regulatory stability, human capital and institutional capacity in creating enterprises capable of attracting long-term investment and achieving global scale.
September 13, 2026
FG begins free registration of 250,000 small businesses under Renewed Hope Agenda

ABUJA, Nigeria (NPA) — The Federal Government has commenced the free formalisation and registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria in a major initiative aimed at expanding the country’s formal business sector and supporting entrepreneurship.

The programme, approved by President Bola Tinubu under the Renewed Hope Agenda, is being implemented through a partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Under the initiative, the Federal Government will waive all statutory business registration fees, removing one of the biggest financial barriers preventing many small businesses from formalising their operations.

According to the government, the programme is open to eligible entrepreneurs in all 36 states and the Federal Capital Territory on a first-come, first-served basis.

To qualify, applicants must own an unregistered business and register it as a Business Name under either a sole proprietorship or a partnership.

The scheme does not cover Limited Liability Companies (Ltd) or Non-Governmental Organisations (NGOs).

Eligible businesses include retail shops, fashion and tailoring enterprises, farms, technology service providers, artisan businesses and other genuine nano, micro and small enterprises.

Applicants are required to register on the SMEDAN portal using a valid email address and telephone number before completing their business profile with details including their proposed business name, business sector, owner’s information and National Identification Number (NIN).

Upon submission, applicants will receive a SMEDAN Unique Identification Number (SUIN), after which their applications will be transmitted electronically to the Corporate Affairs Commission for business name reservation and registration at no cost.

Successful applicants will receive their digital CAC Certificate of Registration by email.

The Federal Government said formal business registration would enable entrepreneurs to access government grants and intervention programmes, open corporate bank accounts, benefit from business development support and technical training, improve access to finance and investment opportunities, and enhance their credibility in local and international markets.

Government estimates indicate that approximately ₦3 billion in registration fees will be waived under the programme, enabling 250,000 nano, micro and small enterprises to join Nigeria’s formal economy.

The government also assured entrepreneurs that registration under the initiative does not automatically impose immediate tax obligations, noting that eligible small businesses will continue to benefit from existing tax exemption thresholds under Nigeria’s updated tax framework.

According to the Federal Government, the initiative forms part of broader efforts to promote entrepreneurship, create jobs, improve financial inclusion and strengthen the contribution of small businesses to Nigeria’s economic growth.

July 11, 2026
JUST IN: Ruto launches second phase of NYOTA Programme, disburses KSh3bn to young entrepreneurs

NAIROBI, Kenya (NPA) — Kenyan President William Ruto has launched the second phase of the business support component of the National Youth Opportunities Towards Advancement (NYOTA) programme, approving the disbursement of more than KSh3 billion to over 122,000 young entrepreneurs across the country.

Under the initiative, each beneficiary will receive a KSh25,000 business grant to support the establishment or expansion of small enterprises.

The nationwide rollout was launched from Nairobi and linked live to multiple locations across Kenya.

In Marsabit County, 1,680 young people benefited from the programme during an event held at Marsabit Stadium. The beneficiaries included participants receiving a second tranche of support as well as first-time entrants into the scheme.

The grants were presented by the Principal Secretary for Internal Security and National Administration, Dr Raymond Omollo, alongside the Principal Secretary for Petroleum, Kello Harsama, and Marsabit Deputy Governor Solomon Gubo.

Officials said the exercise recorded strong participation by young women, reflecting growing interest in entrepreneurship and small business development.

The NYOTA project is a five-year youth empowerment programme implemented by the Kenyan Government with support from the World Bank.

The initiative aims to empower more than 820,000 unemployed young people through entrepreneurship financing, employability training, digital skills development and financial inclusion programmes.

The project targets young people aged 18 to 29 years, and up to 35 years for persons with disabilities, particularly those with secondary education or below.

According to the programme framework, NYOTA seeks to improve employment opportunities by supporting young entrepreneurs with start-up capital, mentorship and access to financial services while also promoting apprenticeships, skills acquisition and digital literacy.

The programme also encourages financial resilience through youth savings initiatives and institutional reforms designed to strengthen the delivery of youth development programmes.

The Kenyan Government said the initiative forms part of its broader strategy to reduce youth unemployment, expand economic opportunities and position young people as drivers of innovation, entrepreneurship and sustainable economic growth.

July 10, 2026
Afreximbank, FEDA launch drive to mobilise $1 bn for Africa’s film industry

BUSINESS (NPA) — The African Export-Import Bank (Afreximbank), through its development impact investment arm, the Fund for Export Development in Africa (FEDA), has appointed One Street Studios as Co-General Partner of the Pan-African Film Fund, a major initiative targeting up to US$1 billion in investment for Africa’s film and creative industries.

The announcement, made on Tuesday, marks a significant step in Afreximbank’s efforts to strengthen Africa’s creative economy and position the continent as a global hub for film, television and immersive media production.

Launched in May 2025 under the bank’s Creative Africa Nexus (CANEX) programme, the Pan-African Film Fund is designed to mobilise long-term capital to finance the growth of Africa’s audiovisual sector.

According to Afreximbank, the fund will invest across the industry’s value chain, supporting film and television production, digital streaming platforms, cinema exhibition, production studios, post-production infrastructure and global distribution networks.

The initiative will provide equity, quasi-equity and structured financing for export-oriented creative projects with strong international market potential, while partnering with global studios, streaming services and distributors to expand the reach of African content.

Afreximbank said the appointment of One Street Studios combines financial expertise with industry experience to create a scalable investment platform capable of accelerating the growth of Africa’s creative industries.

One Street Studios will work alongside FEDA as Co-General Partner, bringing an integrated model that finances, develops and produces African-owned stories while connecting creators on the continent with the African diaspora and international audiences.

President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, described the partnership as a strategic milestone for the continent’s creative sector.

“The partnership between FEDA and One Street Studios is both timely and strategic. It strengthens the bridge between Africa and its diaspora while empowering our creative economy to take ownership of our narratives, enabling us to produce what we consume and consume what we produce,” Elombi said.

Chief Executive Officer of the Pan-African Film Fund and Managing Partner at One Street Studios, Lavaille Lavette, said the initiative would unlock long-term financing needed to transform the continent’s creative industries.

“Africa’s creative industries are entering a defining moment. Through the Pan-African Film Fund, we will mobilise long-term capital that supports creators, strengthens production capacity and builds sustainable global distribution pathways for African storytelling,” she said.

FEDA Chief Executive Officer Emmanuel Assiak said the fund would enable African creators to produce globally competitive content while connecting them with international audiences and investment capital.

Afreximbank said the initiative forms part of its broader CANEX strategy aimed at transforming Africa’s creative industries into a major driver of economic growth, job creation and cultural influence across the continent.

July 9, 2026
URGENT: Six‑day Lagos blackout cripples homes and businesses as power crisis deepens

LAGOS, Nigeria (NPA) — Households and businesses across Lagos have continued to grapple with a widespread electricity blackout that has entered its sixth day, forcing many small enterprises to shut down as rising fuel costs make generator use increasingly unsustainable.

The prolonged outage has disrupted commercial activities across the state, with residents reporting difficulties in preserving food, pumping water, charging electronic devices and carrying out routine business operations.

Many small and medium-sized enterprises (SMEs), already struggling with rising operating costs, say the prolonged power outage has pushed them closer to closure as they can no longer afford the high cost of diesel and petrol needed to run generators.

Industry observers warn that the situation could further weaken the SME sector, one of Nigeria’s largest employers after agriculture, if electricity supply is not restored urgently.

The power disruption has been attributed to a combination of reduced electricity generation at the Egbin Power Station, faults on critical transmission infrastructure and instability on the national grid.

Egbin Power Station, located in Ikorodu, Lagos, is Nigeria’s largest gas-fired power plant with an installed capacity of 1,320 megawatts. Its reduced generation in recent days has significantly affected electricity supply across Lagos and the South-West.

The situation has been compounded by a fault on the Omotosho–Ikeja West 330kV transmission line, one of the major transmission corridors supplying electricity to Lagos. The fault has restricted the volume of power transmitted into the state, resulting in reduced allocations to electricity distribution companies.

Power supply was further disrupted following a national grid voltage instability on June 26, which reportedly caused several generating stations to shut down and affected critical transmission lines, including the Benin–Egbin 330kV line.

Engineers are said to be working to restore full stability to the grid and repair the affected transmission infrastructure.

The outage has affected customers served by both Eko Electricity Distribution Plc (EKEDP) and Ikeja Electric, leaving many communities without electricity for several consecutive days.

The blackout has also disrupted operations at technology hubs, manufacturing firms and service providers, with many businesses relying entirely on expensive alternative power sources to remain operational.

Residents have appealed to the Federal Government, the Transmission Company of Nigeria (TCN), electricity generation companies and distribution companies to expedite repairs and restore electricity supply.

They warned that prolonged outages could worsen economic hardship, increase production costs and force more small businesses to close.

Energy experts say the crisis highlights the persistent structural challenges facing Nigeria’s electricity sector, where generation shortfalls, ageing transmission infrastructure and recurring grid instability continue to undermine reliable power supply.

They argue that long-term investments in generation, transmission and distribution infrastructure are critical to reducing recurring nationwide outages and improving electricity reliability.

As repair works continue, thousands of households and businesses across Lagos remain hopeful that electricity supply will be restored soon to ease the mounting economic and social impact of the prolonged blackout.

June 29, 2026
JUST IN: Tinubu highlights Nigeria’s youth potential, welcomes Mastercard’s training for 5 million businesses

ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful, tech‑savvy population remains the nation’s greatest asset, capable of integrating seamlessly into the global economy.

Receiving Mastercard’s Global Chief Executive Officer, Michael Miebach, at the State House on Tuesday, the President welcomed the company’s proposal to train five million businesses and equip them with digital skills.

He emphasised that ongoing reforms have repositioned Nigeria’s economy to empower youths and small enterprises, noting that the formalisation of the informal sector will unlock opportunities for investment, employment, and growth.

Tinubu praised Mastercard’s longstanding presence in Nigeria, describing the firm as a trusted partner in financial management. He highlighted the importance of payment platforms for small and medium‑scale businesses and assured continued government support for initiatives that strengthen inclusivity and digital participation.

Finance Minister Taiwo Oyedele underscored that reforms in credit and payment systems align with Mastercard’s work in Nigeria, pointing to the digitisation of government services and the registration of over 10,000 informal businesses daily. He stressed that Nigeria’s large youth population and fintech ecosystem present vast opportunities for global firms.

Miebach reaffirmed Mastercard’s commitment, citing the prevention of $200 million in fraud, facilitation of $2 billion in foreign exchange, and support for SMEs.

He announced plans to empower 40 million small businesses with digital skills through a three‑year programme, alongside the establishment of a Cyber Centre of Excellence to address emerging risks.

The meeting concluded with both sides pledging deeper collaboration to drive Nigeria’s digital economy, expand financial inclusion, and strengthen resilience in the global market.

June 23, 2026
iDICE: Nigeria’s plan for its next generation of founders

OPINION (NPA) — A $617 million program is putting money, skills, and infrastructure directly in the hands of young Nigerian entrepreneurs. And it’s already underway.

Nigeria has produced some of Africa’s most celebrated technology and creative success stories. Yet for many founders across the country, the path from idea to investable business remains difficult. Early-stage capital, coordinated support, and clear pathways to growth have not existed at the level Nigeria’s digital and creative potential demands.

This is not a talent problem. According to the Minister of Communications, Innovation and Digital Economy, Nigeria’s digital economy contributes nearly 19 per cent to GDP. The creative industry, per research by Jobberman and the Mastercard Foundation, employs more than 4.2 million people. Both sectors have expanded considerably in recent times, demonstrating what Nigerian entrepreneurs can achieve even within difficult conditions. The real question is whether that growth can be institutionalised effectively and extended beyond a few major urban centres.

The answer requires deliberate public intervention. Data from the Bank of Industry’s 2025 Annual Development Impact Report, independently assured by KPMG and the Policy Innovation Centre, shows that 76 per cent of creative and digital businesses financed by the Bank either would not have proceeded at all, or would have been significantly scaled back, without development finance. That is not a market gap that growth alone will close. It is precisely the kind of structural gap that a deliberate, development-finance-backed intervention is designed to address.

iDICE, the Investment in Digital and Creative Enterprises Program, is the Federal Government’s response to that need. Implemented by the Bank of Industry and financed by the African Development Bank, Agence Française de Développement (AFD), and the Islamic Development Bank, the program has mobilized $617 million to support young Nigerian entrepreneurs through financing, skills development, mentorship, and enterprise support. It represents one of Africa’s largest innovation and enterprise development programs and one of Nigeria’s clearest commitments to building the infrastructure required for a globally competitive digital and creative economy.

BOI brings to this mandate an active and growing track record: in 2025 alone, the Bank financed 2,017 creative and digital businesses, deploying N41.35 billion into the sector. iDICE is built on that foundation and designed to extend it at the national scale.

What iDICE is building

The program is built around three pillars: access to finance, capacity development, and ecosystem strengthening. Its financing architecture combines equity funding, startup-friendly debt, and catalytic funding structures designed to support founders at different stages of growth. For entrepreneurs not yet ready for equity investment, the iDICE Debt Fund provides affordable growth capital through the Bank of Industry. The program is also working with Nigeria’s six non-interest banks to expand access to Shariah-compliant financing, ensuring broader inclusion within the innovation ecosystem.

BOI’s existing portfolio in this space already validates the approach: across its 2025 creative and digital investments, 62 per cent of financed firms achieved capacity increases above 20 per cent, average revenue grew by 14.3 per cent, and 13 per cent of businesses began exporting for the first time following BOI support.

The Startup Bridge Program, recently launched under iDICE, is designed to take founders from idea stage to investment readiness through structured training, mentorship, grants of up to N10 million, and pathways to equity investment of up to $100,000. The appetite for this kind of intervention was never in doubt. When iDICE launched its Founders Lab initiative in March 2025, more than 7,000 applications were received from across the country. Following a rigorous selection process, 185 founders were admitted into the inaugural cohort, representing all 36 states and the FCT. Female founders accounted for approximately 38 per cent of participants, surpassing the program’s own target. It was an early signal that the talent and ambition already existed. What had been missing was a credible platform to channel and grow them.

The next phase is already underway. Applications for Growth Lab, an accelerator program focused on growth-stage startups, are expected to open in Q3 2026, extending the pipeline from early-stage innovation to enterprise development.

Beyond financing, iDICE is also investing heavily in skills and infrastructure. The program aims to train more than one million Nigerians in globally competitive digital and creative skills over its lifetime. Sixty-six Innovation Hubs and Centres of Excellence are being established across universities and polytechnics nationwide, providing workspaces, mentorship, incubation support, and access to industry-relevant tools, designed to become active engines for enterprise creation and innovation across every part of the country. BOI’s support for Vatebra Tech Hub offers a preview of what this looks like in practice. With BOI support, Vatebra trained more than 5,300 entrepreneurs, incubated over 500 startups, and catalysed partnerships with Amazon, MTN, and Lagos Innovates. According to Vatebra’s Business Manager, without BOI support, the hub’s scale of training and community outreach “would have happened much more slowly, and we would have reached far fewer beneficiaries and startups.” The 66 hubs iDICE is establishing are designed to replicate and expand that model nationwide.

One of the program’s most deliberate design choices is its emphasis on decentralisation. State focal persons, nominated across all 36 states and the FCT, are embedded within the program to ensure that opportunities reach founders in Sokoto, Calabar, Maiduguri, and other underserved locations, not just entrepreneurs with proximity to Nigeria’s established technology hubs.

At the policy level, iDICE is backed by a high-level steering committee chaired by His Excellency, Vice President Kashim Shettima, bringing together ministries responsible for finance, digital economy, creative economy, and industry and trade. This level of coordination reflects a growing recognition that the digital and creative economy is no longer on the sidelines of Nigeria’s future growth story. It is increasingly central to it.

The scale of the opportunity

At its core, iDICE is also an industrial policy intervention, building the talent, capital, and enterprise infrastructure required for Nigeria’s next phase of economic growth.

By the end of 2026, iDICE is expected to establish 66 Innovation Hubs nationwide, train between 250,000 and 300,000 young Nigerians in market-relevant skills, support more than 200 technology startups, and provide financing for over 100 creative enterprises. Independent projections by PricewaterhouseCoopers estimate that full implementation could generate more than 6.1 million jobs and contribute approximately $6.4 billion in economic value to Nigeria.

These are ambitious projections. But they are backed by a program that is more coordinated, better funded, and more institutionally supported than previous interventions in this space.

Building the Ecosystem for Growth

Nigeria’s digital and creative sectors have already demonstrated their potential. The challenge now is whether the country can build the systems that allow innovation to grow consistently, sustainably, and beyond a few concentrated hubs.

For the young founder with an idea but no capital, iDICE provides a pathway. For graduates with skills but limited opportunities, it creates access to training, mentorship, and enterprise support. For creative businesses that have built audiences but struggle to grow sustainably, it offers financing and institutional backing.

The program is live, and the pipeline is growing. For Nigeria’s next generation of founders, developers, and creators, iDICE is not a distant policy commitment. It is an open door, and the moment to walk through it is now. To stay updated on the iDICE programme, visit https://idice.ng.

Dr Olasupo Olusi is the MD/CEO of the Bank of Industry.

June 18, 2026