50 Nigerian Founders to Receive N320m in iDICE Funding

Fifty Nigerian founders have been selected to receive a total of N285 million in non-dilutive funding under the Founders Lab Cohort 1 programme, part of the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme. Each founder will receive N5.7 million to aid in the development of their ventures.

The selection was based on performance and progress throughout the programme, which includes participants from all six geopolitical zones. The Founders Lab provides early-stage entrepreneurs with training, ecosystem connections, and funding opportunities.

The programme employs a hybrid learning model, allowing participants to refine their business ideas and models. Additionally, 15 participants were chosen to pitch their businesses during a Virtual Demo Day, leading to 10 entrepreneurs receiving an extra N4.275 million each, bringing their total funding to approximately N10 million.

Overall, the funding rounds total about N327.75 million, reflecting the programme's commitment to supporting entrepreneurs with measurable progress.