FG Opens N10 Million to N1 Billion iDICE Loans for Tech and Creative Firms

The Federal Government has opened a financing opportunity for eligible Nigerian technology startups and creative businesses, with loans ranging from ₦10 million to ₦1 billion.

The funding is available through the Bank of Industry (BOI) under the Investment in Digital and Creative Enterprises (iDICE) Programme. It is designed to provide capital for expansion.

Loan terms and pool

The BOI iDICE Debt Fund has a financing pool of $45 million. Loans attract interest rates of up to 10% annually.

Successful applicants may get repayment periods of up to five years, depending on business requirements and approval conditions. The facility also provides for a possible moratorium of up to six months before scheduled repayments start.

The amount approved will depend on the applicant's financial position, business model, repayment capacity and proposed use of funds. The BOI said the facility is meant to help businesses acquire productive assets, expand operations and improve competitiveness. Unlike grants, the funding must be repaid under agreed conditions.

Who can apply

The financing window is part of the wider iDICE Programme, valued at approximately $618 million. Development finance partners include the African Development Bank, Agence Française de Développement and the Islamic Development Bank. Beyond financing, the programme covers entrepreneurship development, skills acquisition, business support and infrastructure for Nigeria's technology and creative sectors.

Eligible businesses must be registered entities operating in Nigeria and meet the programme's financing requirements. Applicants are expected to provide accurate business information and supporting documents for assessment. Interested entrepreneurs can submit applications through the official BOI financing portal. The application process is free, according to published programme information.

Business owners should review eligibility requirements carefully and avoid individuals who promise guaranteed loan approvals in exchange for payment.

Other updates and what it means

Separately, the Federal Government's ₦50,000 grant has prompted questions about payment delays, complaint options and how beneficiaries can access their funds. Nigerians can apply for support through various platforms and USSD codes, with steps varying by provider. NairaGram beneficiaries can access and withdraw their grant money.

The Federal Government has also opened applications for organisations and individual experts seeking to participate in its 3 Million Technical Talent (3MTT) programme. About N4 billion is available to support skills development and employment outcomes for Cohorts 5 and 6, as part of efforts to equip Nigerians with in-demand digital skills and create pathways to employment, entrepreneurship and economic opportunity.

The iDICE window gives Nigerian tech and creative firms an alternative to commercial bank loans, which have remained costly. With repayment terms of up to five years and a possible six-month moratorium, qualifying businesses can plan expansion with more predictable cash flow. The free application process also lowers the entry cost for founders seeking capital.