The Bank of Industry (BoI) has signed a $170.06 million Fund of Funds management contract with Kuramo Capital Management under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, as part of the government’s efforts to enhance financing for Nigeria’s technology, creative and innovation-driven businesses.
The Fund of Funds is the largest funding window under the $617 million iDICE Programme and it is designed to channel investments through venture capital funds that will, in turn, provide financing to startups and high-growth businesses operating in Nigeria’s digital and creative sectors.
Speaking during the signing of the deal on Wednesday, the bank’s Managing Director, Dr. Olasupo Olusi, described the appointment of Kuramo Capital as a desirable step in the Federal Government’s efforts to deepen investment in Nigeria’s innovation ecosystem, adding that Nigeria is setting a continental benchmark for public investment in the digital and creative economy.
He enthused: “By investing in Ventures Platform’s Fund II, and now by establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises.”
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Olusi described iDICE as one of Africa’s most ambitious interventions in the technology and creative economy, and that the initiative was designed to promote entrepreneurship, stimulate innovation, create sustainable jobs and transform the nation’s economy.
The banker noted that although Nigeria’s technology and creative industries were among the continent’s fastest-growing sectors, they are constrained by limited access to venture capital, particularly at the pre-seed and seed stages.
He expressed optimism that the Fund of Funds would help to mitigate thechallenge by investing in multiple venture funds that will ultimately provide capital to startups operating within the technology and creative ecosystem.
The BoI boss recalled that iDICE jointly made an initial $64 million investment in Ventures Platform Fund II in 2025 with some co-investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, Proparco and British International Investment.
Olusi advised the management of Kuramo Capital to execute the company’s mandate with professionalism, transparency and urgency, warning that delays in deploying capital could affect entrepreneurs waiting to scale their businesses.
He explained that the integrity of the fund remained tied directly to Nigeria’s credibility in the global investor community, and charged the fund manager to leverage its networks and fundraising capabilities to maximise the programme’s impact on the nation’s technology and creative sectors.
It would be recalled that the Federal Government launched the $672 million iDICE Programme in March 2023 to expand access to finance for young entrepreneurs and accelerate growth in Nigeria’s digital and creative industries by supporting innovation, entrepreneurship and job creation.
Under the financing arrangement, the African Development Bank committed $170 million, the French Development Agency contributed $116 million, while the Islamic Development Bank provided 70 million. The Bank of Industry committed $45 million on behalf of the Federal Government, with the private sector pledging an additional $271 million for the programme.
