The Federal Government has introduced a $350,000 investment fund, worth about N482.4 million, to support 12 tech-enabled startups across Nigeria.
The fund is part of the Federal Government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) Programme and is being carried out by the Bank of Industry (BoI).
In a statement, the programme announced the opening of applications for Growth Lab, a 12-week accelerator that will pick 12 tech-enabled startups from the six geopolitical zones. The selected startups will receive intensive business support, investment readiness training, and access to funding of up to $350,000.
National Coordinator of the Programme, Ife Adebayo, said Growth Lab was created for startups that have already gained early traction and now need the right support, connections, and funding to grow after completing the Founders Lab programme.
“Growth Lab is the Startup Bridge accelerator programme, designed for startups that have developed an MVP and require structured support to scale. The programme focuses on strengthening venture fundamentals and preparing companies for external investment.
“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,” he said.
Adebayo said successful founders will receive structured business support, investment readiness training, guidance from industry experts, opportunities for market expansion, a $100,000 cash investment or its Naira equivalent for 7.5% equity at the start of the programme, subject to terms and conditions, as well as up to $250,000 in possible follow-on funding if they meet specific growth targets.
“Eligible startups must be at the post-MVP stage, demonstrate evidence of market validation through users, customers, pilots, partnerships, waitlists or any other demand signals, and be willing to participate fully in the hybrid programme,” he said.
The 12-week programme will combine virtual sessions with two weeks of physical activities in Lagos focused on collaboration, learning, and business growth.
The statement said applications opened on July 15, 2026, and will close on August 19, 2026.
According to Adebayo, female founders are strongly encouraged to apply, while successful applicants will be chosen through a transparent, merit-based process using the published selection criteria.
