The Bank of Industry (BOI) has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, in a move aimed at unlocking more capital for Nigeria’s technology and creative sectors.
The appointment, formalised at a contract signing ceremony in Abuja, marks a major milestone in the implementation of the iDICE Programme, which is designed to stimulate entrepreneurship, innovation, job creation and economic growth through targeted investments in high-growth enterprises.
The DICE Fund of Funds is expected to achieve a minimum capitalisation of $170.6 million, with the Federal Government providing an anchor investment of $85.3 million through the iDICE Programme. Kuramo Capital has been tasked with raising an equivalent amount from private investors on a dollar-for-dollar basis, creating one of the largest government-backed venture capital initiatives in Africa.
The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement and Islamic Development Bank. It focuses on strengthening Nigeria’s digital economy and creative industries through skills development, access to finance and ecosystem support.
As part of its implementation, the programme has already recorded a landmark investment in November 2025 when it made Nigeria’s first direct government commitment to a private venture capital fund by backing Ventures Platform’s VP Pan-African Fund II, which closed at $64 million with participation from investors including the International Finance Corporation, British International Investment, Standard Bank of South Africa and Proparco.
BOI said implementation of the programme has advanced across its three pillars, with activities now taking place in all six geopolitical zones. The iDICE Startup Bridge has enrolled its first cohort of 185 founders, while plans are underway to launch a Growth Lab that will provide growth-stage startups with potential equity funding of up to $100,000.
The programme is also supporting the establishment and upgrade of digital and creative innovation hubs in 66 tertiary institutions—comprising 36 universities and 30 polytechnics—in partnership with the National Universities Commission and the National Board for Technical Education.
Additionally, the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund have earmarked a combined $110 million in financing for startups operating in the technology and creative sectors.
Under its investment strategy, the DICE Fund of Funds will invest through selected venture capital and micro-venture capital funds targeting technology-enabled businesses across all 36 states and the Federal Capital Territory. The structure is designed to ensure broader geographical access to venture capital beyond Nigeria’s traditional investment hubs.
The fund targets a 20 per cent net internal rate of return (IRR) and a 2.4x net money multiple, with the government’s contribution structured as a junior tranche providing 30 per cent first-loss protection to attract private investors.
BOI Managing Director and Chief Executive Officer, Olasupo Olusi, described the initiative as another significant step in the Federal Government’s strategy to expand investment in high-growth, technology-enabled businesses.
“We are deepening the Federal Government’s objective of scaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth enterprises. The Bank of Industry is proud to be driving this historic investment into the hands of Nigeria’s innovators,” he said.
Chief Executive Officer of Kuramo Capital Management, Wale Adeosun, said the fund represents a defining moment for Africa’s venture capital ecosystem.
“The DICE Fund of Funds represents a landmark moment.
Nigeria is demonstrating that the government can be both a serious anchor investor and a credible market-builder. We are committed to raising the matching capital, investing prudently and delivering strong returns,” he said.
Vice President, Kashim Shettima, said the commencement of investments under the iDICE Programme aligns with the administration’s vision of unlocking the potential of young Nigerians and advancing the Renewed Hope Agenda.
The initiative is expected to improve access to early-stage financing for startups, reducing reliance on foreign venture capital while expanding funding opportunities for entrepreneurs across Nigeria.