FG opens applications for $110 million BOI debt facilities targeting tech and creative startups

The Federal Government, through the Bank of Industry (BOI), has opened applications for two major debt-financing facilities worth a combined $110 million under the Investment in Digital and Creative Enterprises (iDICE) Programme. The new financing options aim to tackle startups’ access to affordable capital and support growth, and applications are now open for eligible businesses across all 36 states and the Federal Capital Territory.

The two facilities are the BOI-iDICE $45 million Debt Fund and the IsDB-iDICE $65 million Debt Fund. They form part of the broader $617 million iDICE Programme, one of Africa’s largest government-backed initiatives supporting the digital and creative economy. The programme is financed by the Federal Government alongside the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), with BOI serving as implementing agency and co-financier.

BOI-iDICE Debt Fund: up to ₦1 billion at 10% interest

The BOI-iDICE Debt Fund represents the Federal Government’s $45 million counterpart contribution. Eligible startups can access financing ranging from ₦10 million to ₦1 billion at a maximum interest rate of 10% per annum. Repayment is over a period of up to five years, with a moratorium of as much as six months. The facility targets technology and creative enterprises that have already demonstrated market traction and need funding to scale operations, increase production capacity, and expand into new markets.

IsDB-iDICE Debt Fund: Sharia-compliant financing for asset purchase

The second window, worth $65 million from the Islamic Development Bank, operates under a Murabaha financing structure — a Sharia-compliant model where the financier purchases assets on behalf of a business before reselling them at an agreed price with a disclosed profit margin. BOI noted the facility is open to all qualified Nigerian businesses regardless of religion or background. It is specifically designed to support the purchase of productive assets such as equipment, technology infrastructure, creative tools, and other business assets needed for expansion.

BOI said the new debt windows were created to address the financing difficulties faced by many startups, especially as commercial bank lending often comes with interest rates and repayment terms that are difficult for young businesses to sustain. The facilities complement other iDICE options, including equity and quasi-equity investments through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund.

How to apply and what this means for Nigerian businesses

The Bank of Industry has invited eligible technology and creative enterprises across Nigeria to apply for the financing window that best matches their business needs. Interested applicants should review the eligibility requirements, funding objectives, and application guidelines before submitting through the official iDICE portals. With affordable financing, longer repayment periods, and nationwide availability, the programme presents a significant opportunity for innovative Nigerian startups looking to expand, invest in new assets, and accelerate growth.

For Nigerian businesses, the iDICE debt facilities could ease one of the biggest barriers to growth: limited access to affordable capital. By offering single-digit interest rates, long tenors, and moratorium periods, the programme lowers the cost of expansion and job creation. If widely taken up, it may help more tech and creative startups move from survival to scale, strengthening the naira economy through increased local production and export of digital services.