- Share
- Tweet
The Bank of Industry (BOI), the implementing agency for the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, has opened two new debt-financing windows worth a combined $110 million to improve access to affordable funding for startups in Nigeria’s technology and creative industries.
The newly launched facilities—the $45 million BOI-iDICE Debt Fund and the $65 million IsDB-iDICE Debt Fund—are available to eligible businesses across all 36 states and the Federal Capital Territory.
The launch advances the implementation of the $617 million iDICE Programme, one of Africa’s largest government-backed innovation initiatives. The programme is financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), the Islamic Development Bank (IsDB), and the Bank of Industry.
According to BOI, the new debt facilities are designed to tackle one of the biggest challenges facing Nigerian startups: limited access to affordable, long-term financing that aligns with their stage of growth.
The $45 million BOI-iDICE Debt Fund, funded by BOI on behalf of the Federal Government, offers loans ranging from ₦10 million to ₦1 billion. The facility carries a maximum interest rate of 10% per annum, repayment periods of up to five years, and a moratorium of up to six months.
It is targeted at technology and creative businesses with proven market traction seeking to expand their operations and reach.
The $65 million IsDB-iDICE Debt Fund is financed by the Islamic Development Bank and operates under a Murabahafinancing model—a Sharia-compliant arrangement where the financier purchases assets on behalf of a business and resells them at an agreed price with a disclosed profit margin.
Although based on Islamic finance principles, the facility is open to all eligible Nigerian businesses regardless of religious affiliation. It focuses primarily on financing productive assets, including equipment, technology, and creative infrastructure.
Closing the Financing Gap
BOI said the debt windows were created to address the high cost of commercial lending, which often limits the growth of early-stage businesses. The facilities offer more startup-friendly financing terms, including lower interest rates and longer repayment periods.
The debt funds complement other iDICE financing options, including equity and quasi-equity investments available through the DICE Fund of Funds, DICE Technology Fund, and DICE Creative Fund, providing support to startups at different stages of development.
Eligible startups can now apply through the official iDICE portal after reviewing the requirements for each financing window. Applicants are encouraged to choose the facility that best aligns with their financing needs and business model.
Jedlof Foundation Empowers Widows, Small Business Owners with Grants and Mentorship
UNN to Partner Firm on AI, Smart Mobility Innovation Centre
Business
PoS Agents Now Required to Register with Nigeria Data Protection Commission
Point of Sale (PoS) agents across Nigeria are now required to register with the Nigeria Data Protection Commission (NDPC) following a Federal High Court judgment affirming the Commission’s authority to regulate businesses that process personal data.
The development follows the court’s decision inEmmanuel Harunna v. Nigeria Data Protection Commission (FHC/L/CS/1116/2024), which upheld the NDPC’s power to classify PoS operators as Data Controllers and Processors of Major Importance (DCPMIs) under the Nigeria Data Protection Act (NDPA) 2023.
The court dismissed a suit seeking to exempt PoS agents from the registration requirement, ruling that the Commission acted within its statutory powers by requiring businesses that process significant volumes of personal data to register.
According to the NDPC, the registration framework promotes accountability, transparency and responsible data governance, while enabling the Commission to monitor compliance with Nigeria’s data protection laws.
The Commission also noted that the registration requirement does not violate the constitutional right to privacy but instead strengthens it by ensuring that organisations handling personal data operate under effective regulatory oversight.
Following the judgment, the National Commissioner and Chief Executive Officer of the NDPC, Dr. Vincent Olatunji, directed all affected data controllers and processors that have yet to register to do so immediately.
The Commission warned that businesses that fail to comply could face legal liabilities under the Nigeria Data Protection Act.
Under the NDPC’s 2024 Guidance Notice, organisations considered to be of significant importance to Nigeria’s economy, society or security are required to register as Data Controllers and Processors of Major Importance.
The Commission classifies major data processing into three categories: Ultra High Level, Extra High Level and Ordinary High Level, with registration fees of ₦250,000, ₦100,000 and ₦10,000 respectively.
The ruling reinforces the Nigeria Data Protection Commission’s authority to regulate organisations that collect, process or store personal data, including PoS businesses that handle customers’ financial and personal information.
Business
Lagos Warns of Traffic Disruption as Kara Bridge Repairs Begin
The Lagos State Government has announced partial traffic disruption along the Kara Bridge section of the Lagos-Ibadan Expressway as repair works on the bridge’s expansion joint commence on Tuesday, July 28, 2026.
According to the Ministry of Transportation, the rehabilitation will temporarily reduce the existing four-lane carriageway to two lanes over a 1.5-kilometre stretch to create a safe working area for construction crews.
The ministry said the lane reduction is expected to cause moderate traffic around the Fatgbems Turn, as some motorists may make U-turns or divert to alternative routes to avoid delays.
However, it assured road users travelling towards Ibadan beyond the Fatgbems Turn that traffic is expected to flow with little or no disruption throughout the repair period.
Motorists have been advised to plan their journeys in advance, consider alternative routes where possible, comply with traffic regulations, and cooperate with traffic management officials deployed along the corridor to ease vehicular movement.
The state government appealed for public understanding and patience, noting that the rehabilitation work is necessary to improve the safety, reliability, and durability of the Kara Bridge for all road users.
Business
The Jedlof Foundation has empowered widows and small business owners with business grants, entrepreneurship training and mentorship to strengthen livelihoods and promote economic independence.
During an outreach programme, the foundation’s founder, Dr. Ebele Okoye, said the organisation has remained committed to supporting widows, vulnerable families and children since 2022 through business grants, payment of school fees, food assistance and other humanitarian initiatives.
She encouraged beneficiaries to build sustainable businesses by prioritising integrity, hard work and sound financial management. She also advised them to separate business capital from personal expenses, develop a savings culture and maintain excellent customer service.
Several widows shared how the foundation’s support enabled them to start or expand businesses, including provision stores, pastry ventures and hairdressing enterprises. They said the grants have helped them pay school fees, clear outstanding debts and improve the welfare of their families.
Dr. Okoye also appreciated the foundation’s volunteers and partners for their continued support, expressing confidence that the empowerment program would continue to restore hope and create lasting economic opportunities for more families.
Business4 years agoBREAKING: CBN announces New Withdrawal Policies, Pegs ATM Withdrawals Limit at N20,000 daily, N100,000 weekly
Business6 years agoFirst Bank Nigeria Joins SME Finance Forum
Business6 years agoFG Opens Application Portal for N75 Billion MSME Survival Fund 10pm Today, Releases Time-table for Payroll Support Scheme for different sectors
Business3 years agoCall for Applications: MTN ICT and Business Skills Training (N90 Million Grant for 300 Participants)
Business6 years agoHow to apply and benefit from free CAC Business Name Registration for 250,000 MSMEs
-
Business4 years ago
Call for Applications: Rural Youth Skill Acquisition Programme for Nigerian Youths (receive N50,000 monthly stipend)
Articles & Resources6 years agoHow to put your house in order for tax purposes
-
Business4 years ago
Call for Applications: Tony Elumelu Foundation Entrepreneurship Programme 2023 for African Entrepreneurs (get $5,000 seed funding)
