NIGERIA LAUNCHES $170.6M FUND TO BOOST TECH, CREATIVE STARTUPS, APPOINTS KURAMO

The Federal Government has launched a $170.6 million investment fund aimed at expanding access to finance for technology and creative enterprises across Nigeria, marking a significant step towards strengthening the country's innovation ecosystem and digital economy.

As part of the initiative, the Bank of Industry (BoI), on behalf of the Federal Government, has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme.

The DICE Fund of Funds is regarded as one of Africa's largest government-backed investment vehicles dedicated to technology and creative startups. It is designed to mobilise both public and private capital to support innovative businesses across Nigeria's 36 states and the Federal Capital Territory.

Under the arrangement, the Federal Government is providing an initial investment of $85.3 million through the iDICE Programme, while Kuramo Capital will raise an equivalent amount from private investors, bringing the total fund size to at least $170.6 million.

The fund management agreement was signed in Abuja by the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, and the Chief Executive Officer of Kuramo Capital Management, Wale Adeosun, formally activating the implementation of the DICE Fund of Funds.

The iDICE Programme is a Federal Government initiative jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). The programme seeks to promote entrepreneurship, drive innovation, create sustainable jobs, and accelerate the growth of Nigeria's digital economy and creative industries.

The programme has already recorded notable milestones. In November 2025, it made Nigeria's first direct government investment in a private venture capital fund through Ventures Platform's VP Pan-African Fund II, which successfully closed at $64 million with support from international investors.
Beyond venture capital investments, iDICE is implementing projects across three key pillars: skills and enterprise development, access to finance, and ecosystem development.

Its Startup Bridge initiative is currently training 185 entrepreneurs, while applications have opened for a second cohort. The programme is also preparing to launch a Growth Lab that will provide eligible growth-stage technology startups with equity funding of up to $100,000.

In addition, the programme is establishing and upgrading digital and creative innovation hubs in 66 tertiary institutions, including 36 universities and 30 polytechnics, in partnership with the National Universities Commission (NUC) and the National Board for Technical Education (NBTE).

According to programme officials, the DICE Fund of Funds will channel investments through selected venture capital and micro-venture capital funds, ensuring entrepreneurs across every region of the country have access to financing rather than concentrating investments in a few major cities.

The fund has also been structured to attract greater private-sector participation by allowing the Federal Government's contribution to serve as first-loss capital, thereby reducing investment risks for private investors and encouraging more institutional funding into Nigeria's startup ecosystem.

Speaking at the signing ceremony, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, described the initiative as a landmark investment in Nigeria's innovation economy.

He said, "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."
On his part, the Chief Executive Officer of Kuramo Capital Management, Wale Adeosun, said the initiative represents a major breakthrough for Africa's venture capital landscape.

"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," he said.

Also commenting on the initiative, Vice President Kashim Shettima said the commencement of investments under the iDICE Programme underscores the Tinubu administration's commitment to empowering young Nigerians through innovation, entrepreneurship and job creation.

According to him, "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 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."

Industry stakeholders believe the new investment vehicle will significantly improve access to early-stage funding for startups, reduce the country's dependence on foreign venture capital, stimulate innovation, and create new opportunities for Nigerian entrepreneurs to attract financing from domestic institutional investors.

The initiative also aligns with the Federal Government's broader strategy of diversifying the economy, supporting digital transformation, promoting innovation-led growth, and positioning Nigeria as a leading technology and creative hub in Africa.