FG to support 12 tech-enabled Nigerian startups with $350,000

Twelve tech-enabled Nigerian startups, from the six geopolitical zones of the country, are to receive intensive growth support, investment readiness training, and access up to $350,000 in funding under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme.

The organisers, while announcing the opening of applications for Growth Lab, a 12-week acceleration programme that would select 12 tech-enabled startups, described the programme as representing the next stage in the iDICE Startup Bridge’s founder support pathway.

Following the implementation of Founders Lab, which equips idea-stage innovators with the tools and guidance needed to validate and develop their ideas, Growth Lab will support startups that have achieved early traction and are seeking the expertise, networks, and investment required to scale.

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The programme targets startup founders who are seeking the support, networks, expertise, and investment readiness required to accelerate growth and strengthen their position within the Nigerian innovation ecosystem.

The National Coordinator of the Programme, Ife Adebayo, explained that selected founders will gain access to structured growth support, investment-readiness preparation, access to industry experts, market expansion pathways, a $100,000 cash investment (or Naira equivalent) for 7.5% equity upon entering the programme, and up to $250,000 in potential follow-on investment, with certain growth conditions met.

According to him, the programme would run as an intensive 12-week hybrid experience, including virtual engagements and two physical weeks in Lagos focused on collaboration, learning, and business growth.

While encouraging female founders to apply, Adebayo assured that selection will be conducted through a clearly defined, merit-based evaluation process aligned with published criteria.