BOI signs $170 million iDICE fund management deal to boost Nigeria’s tech, creative sectors

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, in a move aimed at unlocking more financing for Nigeria’s technology, creative and innovation-driven businesses.

The development was disclosed on Wednesday in Abuja by the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, during the signing ceremony, according to a statement issued by the bank.

The Fund of Funds is the largest funding window under the $617 million iDICE Programme.

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.

What they are saying

Olusi described the appointment of Kuramo Capital as another milestone in the Federal Government’s efforts to deepen investment in Nigeria’s innovation ecosystem, noting that the country was setting “a continental benchmark” for public investment in the digital and creative economy.

• “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,” Olusi said.

He described iDICE as one of Africa’s most ambitious interventions in the technology and creative economy, adding that the initiative seeks to unlock entrepreneurship, stimulate innovation, create sustainable jobs and transform the economy.

The BOI boss noted that although Nigeria’s technology and creative industries are among the continent’s fastest-growing sectors, they continue to face limited access to venture capital, particularly at the pre-seed and seed stages.

According to him, the Fund of Funds will address that challenge by investing in multiple venture funds that will ultimately provide capital to startups operating within the technology and creative ecosystem.

Olusi also recalled that iDICE 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 urgency, warning that delays in deploying capital could affect entrepreneurs waiting to scale their businesses.

• “The integrity of the fund is tied directly to Nigeria’s credibility in the global investor community,” he said, charging the fund manager to leverage its networks and fundraising capabilities to maximise the programme’s impact.

Backstory

The Federal Government launched the $672 million Investment in Digital and Creative Enterprises (iDICE) Programme in March 2023 to expand access to finance for young entrepreneurs and accelerate growth in Nigeria’s digital and creative industries.

The initiative was unveiled in Abuja by then Vice President Yemi Osinbajo as a flagship programme designed to support innovation, entrepreneurship and job creation.

Under the financing arrangement, the African Development Bank committed 170 million dollars, the French Development Agency contributed 116 million dollars, while the Islamic Development Bank provided 70 million dollars. The Bank of Industry committed 45 million dollars on behalf of the Federal Government, with the private sector pledging an additional 271 million dollars.

What you should know

The iDICE Programme has continued to record milestones since its launch as part of efforts to strengthen Nigeria’s innovation ecosystem.

• In 2023, France’s Minister for Europe and Foreign Affairs, Catherine Colonna, said the programme had the potential to facilitate the emergence of 65,000 startups across Nigeria by improving access to finance and strengthening the country’s digital and creative economy.
• More recently, in June 2026, the iDICE Startup Bridge admitted 185 founders into the inaugural cohort of its Founders Lab following a nationwide assessment process, marking one of the programme’s first major implementation milestones.

Beyond startup financing, the initiative also plans to establish 66 innovation hubs and centres of excellence across the country, train up to 300,000 young Nigerians in market-relevant digital and creative skills, and provide investment readiness support alongside financing for hundreds of startups.