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, marking a significant step toward expanding financing for Nigeria’s technology, innovation and creative sectors.
The agreement was signed in Abuja on Wednesday during a ceremony attended by BOI Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, who described the development as a major milestone in the government’s efforts to deepen investment in Nigeria’s innovation ecosystem.
The Fund of Funds is the largest financing window within 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 businesses operating across Nigeria’s digital and creative industries.
Speaking at the signing ceremony, Olusi said the initiative demonstrates Nigeria’s commitment to building a globally competitive innovation ecosystem through strategic public investment.
He noted that following the programme’s earlier investment in Ventures Platform Fund II, the appointment of Kuramo Capital would further strengthen efforts to channel capital into technology-enabled enterprises capable of driving economic growth and job creation.
According to him, the iDICE Programme is one of Africa’s most ambitious interventions targeting the technology and creative economy, with the objective of stimulating entrepreneurship, accelerating innovation and creating sustainable employment opportunities.
Olusi observed that despite the rapid growth of Nigeria’s technology and creative sectors, many startups continue to struggle with limited access to venture capital, particularly during the pre-seed and seed stages.
He explained that the Fund of Funds model is designed to bridge this financing gap by investing in multiple venture capital funds that will ultimately provide much-needed funding to promising startups.
IDice Investment
The BOI chief also recalled that the 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 urgency, stressing that delays in deploying capital could slow the growth of entrepreneurs seeking to expand their businesses.
Olusi added that the credibility of the fund would also influence Nigeria’s reputation among global investors and encouraged the fund manager to leverage its international network to maximise the programme’s impact.
The Federal Government launched the iDICE Programme in March 2023 as a flagship initiative to improve access to finance for young entrepreneurs while accelerating growth across Nigeria’s digital and creative industries.
The programme was unveiled by former Vice President Yemi Osinbajo and is backed by funding commitments from several development finance institutions. The African Development Bank committed $170 million, the French Development Agency provided $116 million, the Islamic Development Bank contributed $70 million, while the Bank of Industry invested $45 million on behalf of the Federal Government. The private sector also pledged an additional $271 million.
Since its launch, the programme has continued to record implementation milestones. In June 2026, the iDICE Startup Bridge admitted 185 founders into the inaugural Founders Lab after a nationwide selection process.
Beyond providing startup financing, the initiative aims to establish 66 innovation hubs and centres of excellence across Nigeria, train up to 300,000 young Nigerians in digital and creative skills, and support hundreds of startups with investment readiness programmes and access to capital.
