The Bank of Industry (BOI) has signed a $170.06 million Fund of Funds management agreement with Kuramo Capital Management under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, in a major push to expand financing for technology, innovation and creative businesses across Nigeria.
The agreement was signed in Abuja on Wednesday during a ceremony attended by stakeholders in the country’s innovation ecosystem.
Olasupo Olusi,, Managing Director of the Bank of Industry, described the deal as a significant milestone in the Federal Government’s efforts to deepen investment in Nigeria’s digital economy and strengthen the country’s position as a leading innovation hub in Africa.
The Fund of Funds is the largest financing window under the $617 million iDICE Programme and is designed to invest in venture capital funds, which will in turn provide financing to startups and high-growth enterprises operating in Nigeria’s technology and creative sectors.
Speaking at the signing ceremony, Olasupo Olusi said the appointment of Kuramo Capital would accelerate strategic investments in high-growth, technology-enabled businesses.
“By investing in Ventures Platform’s Fund II, and now establishing the DICE Fund of Funds with Kuramo Capital, we are advancing the Federal Government’s objective of scaling Nigeria’s technology and creative sectors through strategic investments,” he said.
He described iDICE as one of Africa’s most ambitious interventions in the innovation economy, aimed at unlocking entrepreneurship, stimulating innovation, creating sustainable jobs and driving economic transformation.
According to him, although Nigeria’s technology and creative industries remain among the fastest-growing on the continent, many startups still struggle to access venture capital, particularly at the pre-seed and seed stages.
The new Fund of Funds, he explained, is expected to bridge that financing gap by supporting multiple venture capital funds that will invest directly in startups and innovative businesses.
Olusi recalled that the iDICE Programme made an initial $64 million investment in Ventures Platform Fund II in 2025 alongside co-investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, Proparco, and British International Investment.
He urged Kuramo Capital to execute its mandate with professionalism, transparency and speed, warning that delays in deploying capital could affect entrepreneurs seeking to expand their businesses.
“The integrity of the fund is tied directly to Nigeria’s credibility in the global investment community,” he said, urging the fund manager to leverage its international networks to maximise the programme’s impact.
The Federal Government launched the Investment in Digital and Creative Enterprises (iDICE) Programme in March 2023 as a flagship initiative to expand access to finance for young entrepreneurs and accelerate growth in Nigeria’s digital and creative industries.
The programme was unveiled by former Vice President Yemi Osinbajo to promote innovation, entrepreneurship and job creation.
Its financing structure includes commitments of $170 million from the African Development Bank, $116 million from the French Development Agency (AFD), $70 million from the Islamic Development Bank, and $45 million from the Bank of Industry on behalf of the Federal Government, alongside $271 million in private sector funding.
Since its launch, the programme has continued to record key milestones.
In June 2026, the iDICE Startup Bridge admitted 185 founders into the inaugural cohort of its Founders Lab after a nationwide selection process.
Beyond startup financing, the programme plans to establish 66 innovation hubs and centres of excellence, train up to 300,000 young Nigerians in market-relevant digital and creative skills, and provide investment readiness support for hundreds of startups, reinforcing Nigeria’s ambition to become Africa’s leading technology and innovation destination.
