The BOI iDICE Fund provides financing and other business support for entrepreneurs and companies operating in Nigeria’s technology and creative sectors.
The fund is part of the Investment in Digital and Creative Enterprises (iDICE) Programme, a Federal Government initiative implemented by the Bank of Industry (BOI).
Unlike a grant that does not have to be repaid, the iDICE Debt Fund provides repayable financing to eligible businesses. The wider iDICE program also includes equity funding and other forms of enterprise support.
If you are looking for the BOI iDICE loan application portal, eligibility requirements, loan amount and how to apply, this guide explains what you need to know.
What is the BOI iDICE Fund?
The Investment in Digital and Creative Enterprises Programme was created to strengthen Nigeria’s technology and creative industries through skills development, enterprise support and access to finance.
BOI is the implementing agency for the program. The initiative focuses on businesses and entrepreneurs in areas such as technology, digital services and creative industries.
The financing side of iDICE includes the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund. BOI announced that the two debt products have a combined financing allocation of $110 million for startups in the technology and creative sectors.
Is the BOI iDICE Fund a grant or loan?
The iDICE Debt Fund is a loan facility, not a grant.
Businesses that receive debt financing are expected to repay the money according to the terms of the approved facility.
However, the wider iDICE Programme has different funding components. It includes debt financing as well as equity and other enterprise-support initiatives. For example, the iDICE Startup Bridge includes grant support of up to ₦10 million for selected founders, which is separate from the debt fund.
Therefore, applicants should check the specific iDICE funding product they are applying for instead of assuming every iDICE opportunity is a grant.
How much can you get from the BOI iDICE Fund?
The amount available depends on the particular iDICE financing product, the applicant’s business and BOI’s assessment.
The current BOI/iDICE online application form allows applicants to enter a requested loan amount and currently displays a maximum request of ₦1 billion for that application. This means the often-circulated ₦100 million figure should not be treated as the general maximum for every iDICE loan application.
The amount you request is not the same as the amount you will automatically receive. BOI assesses each application before approving financing.
What businesses can apply?
The iDICE Programme focuses on Nigeria’s technology and creative ecosystems.
Eligible areas can include businesses involved in:
- Software and technology
- Fintech
- Artificial intelligence
- Edtech
- Healthtech
- E-commerce
- Digital services
- Digital media
- Film and entertainment
- Music
- Animation
- Gaming
- Fashion
- Photography
- Content creation
- Other eligible technology and creative businesses
The exact eligibility requirements depend on the financing product and application route.
BOI iDICE loan requirements
Applicants should expect to provide information that allows BOI to verify the identity, registration, operations and financial position of the business.
The current iDICE application form asks for details such as:
- Registered business name
- CAC registration number
- Company type
- Business address
- Operating address
- Industry and business subsector
- Number of employees
- Contact information
- Website and social media information where applicable
- Proof of operating address
The application process may require additional regulatory, financial and supporting documents depending on the facility being requested.
It is important to provide accurate information. Incorrect company details or unsupported claims about the business can affect the assessment of an application.
Who is eligible for the BOI iDICE loan?
The fund is intended for eligible businesses operating within the technology and creative sectors covered by the iDICE Programme.
Applicants should have a legitimate business that meets the requirements of the particular financing product. Registration and business information may be verified during the assessment process.
Having a registered business does not mean that financing is automatic. BOI evaluates applications before deciding whether to approve a facility and how much financing may be offered.
How to apply for the BOI iDICE Fund
Applicants can start the process through the official iDICE platform.
Step 1: Visit the official iDICE portal
Go to the official iDICE application platform: BOI iDICE Application Portal : https://idice.boi.ng
Step 2: Select the relevant funding option
Choose the available iDICE financing product that matches your business and funding needs.
The available options may differ depending on the financing route.
Step 3: Enter your business information
Provide your company’s registration details, address, industry, subsector, employee information and other requested details.
Make sure the information agrees with your official business records.
Step 4: Provide the requested documents
Upload the documents requested on the application portal.
The documents required can vary depending on the type of financing and the applicant’s business.
Step 5: Enter the amount you want to request
State the amount of financing required by the business.
Do not request an amount simply because it is the maximum available. Your funding request should match your business needs and the purpose for which the money will be used.
Step 6: Review and submit
Check all information and uploaded documents before submitting the application.
After submission, the application can go through assessment and verification before a financing decision is made.
What happens after applying?
Submitting the iDICE application does not mean the loan has been approved.
BOI and the relevant financing partners may assess information provided by the applicant before making a decision.
The assessment can include the business, its operations, financial information, requested financing and supporting documentation.
Applicants may also be contacted if additional information or documents are required.
What can the iDICE financing be used for?
The financing is designed to support businesses within the eligible technology and creative sectors.
Depending on the approved facility, funding may support business activities such as expansion, equipment, technology infrastructure, working capital or other eligible business needs.
Applicants should use the funds only for purposes permitted under the approved financing agreement.
BOI iDICE loan interest rate and repayment
The exact financing terms depend on the specific iDICE debt product and approved facility.
BOI’s published information states that the iDICE debt products are structured as financing for startups and businesses in the technology and creative sectors, with repayment terms applying to approved facilities.
Applicants should therefore check the terms displayed for their specific financing option before submitting an application.
Do not assume that every applicant will receive the same interest rate, loan amount or repayment period.
Is BOI iDICE available to startups?
Yes. Startups are a major focus of the iDICE financing program.
BOI says the debt funds are designed to provide financing to startups in the technology and creative sectors. The wider program also has equity and enterprise-support components for businesses at different stages of development.
BOI iDICE Fund application tips
Before applying, make sure:
- Your business information is accurate.
- Your CAC details are available.
- Your operating address can be verified.
- You have the required business and financial documents.
- Your funding request has a clear business purpose.
- The business falls within an eligible iDICE sector.
- You apply through the official iDICE platform.
- You do not pay anyone who claims they can guarantee approval.
Most importantly, do not confuse the iDICE debt fund with the grant opportunities offered under other parts of the iDICE Programme. The debt fund is repayable, while some other iDICE initiatives may provide grants or equity support under separate conditions.
Official BOI iDICE application portal
The official application platform is: Apply for BOI iDICE Funding
For general information about the program, BOI also provides an official iDICE page explaining its financing, skills and enterprise-development components.
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