iDICE Startup Debt Fund 2026 — Up to ₦1 Billion in Growth Capital for Nigerian Tech & Creative Startups (Interest & Non-Interest Options)
If your startup has moved past the early-stage/idea phase and is now looking for real growth capital, the iDICE Startup Debt Fund is a major, credible opportunity worth applying for — this is debt financing at a scale most Nigerian founders rarely have access to.
The Bank of Industry (BOI), the Implementing Agency for the Investment in Digital and Creative Enterprises (iDICE) Programme of the Federal Government of Nigeria, has launched two dedicated debt-financing windows to expand access to affordable growth capital for startups in Nigeria's technology and creative sectors. The two facilities — the BOI-iDICE $45 million Debt Fund and the IsDB-iDICE $65 million Debt Fund — are now open to eligible enterprises across all 36 states and the FCT, for a combined $110 million in available debt financing.
For those at the early established phase and above, looking for growth capital rather than a small grant, this track offers financing between ₦10 million and ₦1 billion per startup.
What Is the iDICE Debt Fund?
Both funds address a persistent constraint facing innovative businesses in Nigeria: access to patient and affordable capital matched to where startups actually are in their growth journey. Commercial lending at prevailing rates is often inaccessible or unsustainable for early-stage enterprises — the iDICE debt windows were developed specifically to bridge that gap.
These debt products complement iDICE's broader financing architecture, which provides equity and quasi-equity capital through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund — together meeting startups' financing needs at every stage of their life cycle, from first idea to full scale.
iDICE itself is a $617 million fund — one of the largest government-backed innovation programmes on the continent — bringing together the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB) as co-financiers, with BOI as Executing Agency and co-financier.
The Two Debt Fund Options
1. BOI-iDICE Debt Fund ($45 million)
This is the Federal Government's $45 million counterpart funding to iDICE, provided through BOI. Key terms:
- Financing between ₦10 million and ₦1 billion
- Maximum interest rate of 10% per annum
- Repayment period of up to 5 years
- Moratorium (grace period) of up to 6 months
- Supports tech and creative enterprises with demonstrated traction looking to scale operations and market reach
2. IsDB-iDICE Debt Fund ($65 million)
This fund operates fully under the principles of Islamic finance (non-interest based), but is explicitly open to all Nigerians regardless of background or beliefe. It is primarily designed for asset financing — supporting tech and creative startups with capital for equipment, technology, or creative infrastructure, and other productive assets.
This gives you a genuine choice: interest-based (BOI-iDICE) or non-interest based (IsDB-iDICE), depending on the nature of your business and funding needs — exactly as described in your message.
Is This a Grant or a Loan?
This is debt financing, not a grant. Unlike iDICE's grant tracks (like Startup Bridge, which gives non-repayable grants up to ₦10 million), this Debt Fund track requires repayment — with interest (BOI-iDICE) or under Islamic finance structures (IsDB-iDICE). This is designed for startups ready to take on structured growth capital, not idea-stage founders needing early, non-repayable support.
Who Can Apply?
- Businesses in Nigeria's technology and creative sectors
- Enterprises with demonstrated traction — this is a growth-capital facility, not for pure idea-stage startups
- Businesses located in any of Nigeria's 36 states or the FCT
- Startups needing financing anywhere between ₦10 million and ₦1 billion
- Businesses specifically seeking asset financing (equipment, technology, creative infrastructure) may be especially well-suited to the IsDB-iDICE track
What You Need Before Applying
1. Evidence of Business Traction — Revenue, operational history, or growth metrics demonstrating your business is past the idea stage.
2. A Clear Funding Purpose — Be ready to explain what the capital will finance (equipment, expansion, working capital, etc.).
3. Repayment Capacity Documentation — Since this is debt, not a grant, be prepared to demonstrate your business's ability to service the facility.
4. Business Registration Documents — Standard CAC registration and related business documentation.
5. A Decision on Interest vs. Non-Interest Financing — Determine which structure (BOI-iDICE or IsDB-iDICE) fits your business needs and preferences.
How to Apply for the iDICE Debt Fund
Step 1 — Assess Your Eligibility and Financing Need
Confirm your business has demonstrated traction and determine how much financing (between ₦10 million–₦1 billion) you need.
Step 2 — Choose Your Preferred Fund
Decide between the interest-based BOI-iDICE Debt Fund or the non-interest IsDB-iDICE Debt Fund based on your business's nature and needs.
Step 3 — Review Eligibility Criteria for Your Chosen Window
Startups should review the eligibility criteria and objectives of each window and apply for the facility that best fits their profile and preferences.
Step 4 — Visit the Official Application Portal
Step 5 — Complete Your Application
Provide accurate business, financial, and funding-purpose information as required.
Step 6 — Submit Supporting Documentation
Attach your business registration and financial/traction evidence as requested.
Step 7 — Await Review
BOI will assess applications against the specific fund's eligibility criteria.
Where to Apply
Official Application Portal:
Full Programme Information:
👉 idice.ng
Important Notes
- This is genuinely one of the most credibly documented opportunities available right now — covered by TechCabal, Nairametrics, Pulse, Legit.ng, and Techpoint, all major, established Nigerian/African tech and business news outlets.
- This is debt, not a grant — go in with a clear understanding that you'll be repaying this facility, whether through interest (BOI-iDICE) or Islamic finance structures (IsDB-iDICE).
- For enquiries, contact Bank of Industry directly: 0700 225 526 or customercare@boi.ng.
- iDICE also runs separate grant and equity tracks (like Startup Bridge, offering up to ₦10 million in grants and $100,000 equity for post-MVP startups) — if you're earlier-stage and not ready for debt, those tracks may be a better fit; this Debt Fund track is specifically for growth-stage businesses.
Tips for a Strong Application
Be Clear About Growth-Stage Readiness — Since this fund explicitly targets businesses with demonstrated traction, lead with concrete evidence of operations, revenue, or market presence.
Match Your Fund Choice to Your Business Model — If you need asset-specific financing (equipment, infrastructure), the IsDB-iDICE track's asset-financing focus may suit you particularly well.
Present a Credible Repayment Plan — Since this is debt with a maximum 10% interest rate (BOI-iDICE) and up to 5-year repayment terms, be ready to show how your business will service the facility.
Understand the Moratorium Benefit — The up-to-6-month moratorium gives you breathing room before repayments begin — factor this into your financial planning and articulate how you'll use that window effectively.
Common Mistakes to Avoid
- Applying as an idea-stage startup without demonstrated traction — this fund is for growth-stage businesses.
- Confusing this debt track with iDICE's separate grant tracks (like Startup Bridge) — funding here must be repaid.
- Not clearly deciding between interest-based and non-interest-based options before applying.
- Submitting without clear evidence of repayment capacity.
- Assuming ₦1 billion is a fixed amount for every applicant — financing ranges from ₦10 million to ₦1 billion based on your specific needs and eligibility.
Frequently Asked Questions
Is this a grant or a loan?
This is debt financing (a loan) — not a grant. It must be repaid, either with interest (BOI-iDICE) or under Islamic finance structures (IsDB-iDICE).
Can idea-stage startups apply?
No. This fund targets businesses with demonstrated traction looking to scale — idea-stage founders should look at iDICE's separate grant tracks instead.
What's the difference between the two funds?
BOI-iDICE is interest-based (max 10% p.a.), general growth financing. IsDB-iDICE is non-interest, Islamic finance-based, primarily for asset financing — but open to all Nigerians regardless of background or beliefs.
How much can I get?
Between ₦10 million and ₦1 billion, depending on your business's needs and eligibility.
What's the repayment period?
Up to 5 years, with a moratorium (grace period) of up to 6 months.
Where do I apply?
Who do I contact with questions?
Bank of Industry: 0700 225 5264 or customercare@boi.ng
Official Links
Application Portal:
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