The Bank of Industry (BOI), the implementing agency for the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, has opened two new debt-financing windows worth a combined $110 million to improve access to affordable funding for startups in Nigeria’s technology and creative industries.
The newly launched facilities—the $45 million BOI-iDICE Debt Fund and the $65 million IsDB-iDICE Debt Fund—are available to eligible businesses across all 36 states and the Federal Capital Territory.
The launch advances the implementation of the $617 million iDICE Programme, one of Africa’s largest government-backed innovation initiatives. The programme is financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), the Islamic Development Bank (IsDB), and the Bank of Industry.
According to BOI, the new debt facilities are designed to tackle one of the biggest challenges facing Nigerian startups: limited access to affordable, long-term financing that aligns with their stage of growth.
The $45 million BOI-iDICE Debt Fund, funded by BOI on behalf of the Federal Government, offers loans ranging from ₦10 million to ₦1 billion. The facility carries a maximum interest rate of 10% per annum, repayment periods of up to five years, and a moratorium of up to six months.
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It is targeted at technology and creative businesses with proven market traction seeking to expand their operations and reach.
The $65 million IsDB-iDICE Debt Fund is financed by the Islamic Development Bank and operates under a Murabahafinancing model—a Sharia-compliant arrangement where the financier purchases assets on behalf of a business and resells them at an agreed price with a disclosed profit margin.
Although based on Islamic finance principles, the facility is open to all eligible Nigerian businesses regardless of religious affiliation. It focuses primarily on financing productive assets, including equipment, technology, and creative infrastructure.
BOI said the debt windows were created to address the high cost of commercial lending, which often limits the growth of early-stage businesses. The facilities offer more startup-friendly financing terms, including lower interest rates and longer repayment periods.
The debt funds complement other iDICE financing options, including equity and quasi-equity investments available through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund, providing support to startups at different stages of development.
Eligible startups can now apply through the official iDICE portal after reviewing the requirements for each financing window. Applicants are encouraged to choose the facility that best aligns with their financing needs and business model.
Eligible startups can now apply through the official iDICE portal after reviewing the requirements for each financing window. Applicants are encouraged to choose the facility that best aligns with their financing needs and business model.Eligible startups can now apply through the official iDICE portal after reviewing the requirements for each financing window. Applicants are encouraged to choose the facility that best aligns with their financing needs and business model.