BOI Taps Kuramo Capital for $170.6 Million iDICE Fund, Signalling Major Push in Nigerian Tech and Creative Sectors
The Bank of Industry (BOI) has appointed Kuramo Capital Management as the Fund Manager for the $170.6 million Investment in Digital and Creative Enterprises (iDICE) Fund of Funds. This strategic move marks a significant expansion of venture capital financing for technology and creative start-ups across Nigeria, aiming to bolster the nation’s innovation ecosystem.
The formalisation of this partnership occurred at a contract signing ceremony in Abuja, where BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, and Kuramo Capital Chief Executive Officer, Wale Adeosun, cemented the agreement. This appointment is a pivotal step in the execution of the federal government’s iDICE Programme, designed to catalyse growth in high-potential sectors.
Under the terms of the arrangement, the federal government will provide an anchor investment of $85.3 million through the iDICE Programme. Kuramo Capital is tasked with mobilising an equivalent sum from private investors, thereby establishing a minimum fund capitalization of $170.6 million. BOI has highlighted this initiative as one of the largest government-backed investment vehicles dedicated to technology and creative sector start-ups on the African continent.
The iDICE Fund of Funds will operate by investing through a curated selection of venture capital and micro-venture capital funds. These selected funds will focus on technology and creative enterprises, with a mandate to extend their reach to founders in all 36 states of Nigeria and the Federal Capital Territory. This structure is intended to democratise access to venture financing, moving beyond traditional start-up hubs and fostering innovation nationwide.
Dr. Olusi emphasised that the initiative underscores the federal government’s commitment to strengthening Nigeria’s innovation landscape. He stated, “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. The Bank of Industry is proud to be the executing agency driving this historic investment into the hands of Nigeria’s innovators.”
Mr. Adeosun described the appointment as a watershed moment for venture capital development in Africa. He remarked, “The DICE Fund of Funds represents a landmark moment for Africa’s venture capital ecosystem. Nigeria is demonstrating that a government can be both a serious anchor investor and a credible market-builder. We are honoured to be entrusted with this mandate and committed to deploying every resource at our disposal to raise the matching capital, invest wisely, and deliver returns that justify this historic confidence.”
The iDICE Programme, which benefits from co-financing by the African Development Bank (AfDB), Agence Française de Développement (AFD), and Islamic Development Bank (IsDB), is the federal government’s flagship initiative aimed at promoting entrepreneurship, driving innovation, creating jobs, and positioning Nigeria as Africa’s leading knowledge economy.
A significant milestone for the programme was achieved in November 2025 with Nigeria’s first direct government investment in a private venture capital fund. This was a cornerstone commitment to Ventures Platform’s VP Pan-African Fund II, which successfully closed at $64 million with support from the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa, and Proparco.
BOI confirmed that the programme’s implementation is progressing across its three strategic pillars: skills and enterprise development, access to finance, and ecosystem enablement, with activities already underway in all six geopolitical zones. The iDICE Start-up Bridge has enrolled its inaugural cohort of 185 founders, and applications for the second cohort opened on June 24. The programme is also set to launch its Growth Lab in July, offering growth-stage start-ups potential equity funding of up to $100,000.
Furthermore, BOI is actively establishing and upgrading digital and creative hubs in 66 universities and polytechnics nationwide, in partnership with the National Universities Commission (NUC) and the National Board for Technical Education (NBTE). To enhance access to financing, the bank has also introduced the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund, collectively earmarking $110 million for start-ups operating within the technology and creative industries.
The DICE Fund of Funds has been structured with ambitious financial targets, aiming for a net internal rate of return of 20 per cent and a net money multiple of 2.4 times. The federal government’s commitment will serve as a 30 per cent first-loss tranche, a crucial risk-sharing mechanism designed to attract institutional investors and stimulate greater private capital participation.
Vice President Kashim Shettima hailed the commencement of investments under the programme as a significant step towards unlocking opportunities for Nigeria’s youth. He stated, “The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda.”
BOI anticipates that the establishment of the DICE Fund of Funds, coupled with its earlier investment in Ventures Platform, will fundamentally transform Nigeria’s start-up financing landscape. This is expected to increase the availability of domestic venture capital and reduce the reliance of founders on foreign investors for early-stage funding, thereby fostering a more robust and self-sustaining innovation ecosystem.
