Nigeria Steps Up: Government Backs $64 Million Ventures Platform Fund to Boost Startups
Ventures Platform raises $64 million with Nigeria’s government joining as a limited partner a bold move signaling stronger local support for African startups and innovation.
Nigeria’s startup ecosystem just hit a new milestone as Lagos-based venture capital firm Ventures Platform successfully raised $64 million for its second fund and for the first time ever, the Nigerian government has joined as a limited partner through the Investment in Digital and Creative Enterprises (iDICE) programme.
This move signals a new era of local empowerment, as the government begins directly supporting venture funds that invest in African innovators. For years, most Nigerian startups have relied on foreign investors for seed and early-stage financing. But this development shows a growing belief in homegrown innovation and self-sustained digital growth.
The new fund aims for a final close of $75 million, with other global investors such as the International Finance Corporation (IFC), British International Investment (BII), and Standard Bank also participating. According to TechCrunch, this is part of Nigeria’s broader push to strengthen its tech ecosystem through both private and institutional support.
Ventures Platform, founded by Kola Aina, focuses on early-stage startups in fintech, artificial intelligence, and trade formalization key sectors driving Africa’s digital transformation. Aina said the latest fund would help founders across Africa scale their solutions faster, create jobs, and compete on the global stage.
“We’re not just building startups in Africa anymore we’re building the infrastructure for the future,” Aina stated. “This is capital that believes in African founders.”
A New Chapter for Nigerian Innovation
The participation of the Nigerian government through iDICE marks a significant policy shift moving from policy-level support to direct financial partnership. It could inspire similar collaborations across Africa, where startups often struggle to secure early-stage funding despite promising ideas.
Experts believe this partnership could also help local venture firms attract more global attention, signaling that Nigeria is serious about investing in its innovators.
Beyond funding, the success of Ventures Platform’s new round will likely influence how tech entrepreneurs, investors, and government bodies collaborate in the coming years blending innovation with economic policy to drive growth.
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Local startups will gain easier access to early funding.
The move could reduce dependency on foreign venture capital.
It builds confidence in Nigeria’s fast-growing tech ecosystem.
As Nigeria’s digital economy expands, moves like this ensure that innovation is not just created locally it’s funded locally too.
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