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The Federal Government has launched a $170.6 million investment fund to improve access to financing for technology startups and creative enterprises, marking one of the largest government-backed investment initiatives for innovation-driven businesses in Africa
The fund will be managed by Kuramo Capital Management through the Bank of Industry (BOI) under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme
Designed as a Fund of Funds, the initiative will combine public and private sector capital to support high-growth technology and creative businesses across Nigeria’s 36 states and the Federal Capital Territory
Under the arrangement, the Federal Government is committing an initial $85.3 million through the iDICE Programme, while Kuramo Capital Management has been mandated to raise an equivalent amount from private investors, bringing the total investment pool to at least $170.6 million
The agreement was signed in Abuja by the Managing Director of the Bank of Industry and the Chief Executive Officer of Kuramo Capital, formally activating the implementation of the DICE Fund of Funds
The iDICE Programme is jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB). It was established to promote entrepreneurship, drive innovation, create employment opportunities and strengthen Nigeria’s digital economy and creative industries
The programme has already recorded several 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 closed at $64 million with support from international investors
Beyond venture capital investments, iDICE is implementing projects focused on three key areas: skills and enterprise development, access to finance and ecosystem development
Its Startup Bridge initiative currently has 185 entrepreneurs undergoing capacity-building training, 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
To strengthen innovation ecosystems, iDICE is establishing and upgrading digital and creative innovation hubs in 66 higher institutions, including 36 universities and 30 polytechnics, in partnership with the National Universities Commission (NUC) and the National Board for Technical Education (NBTE)
In addition, the Bank of Industry has introduced the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund, which together provide $110 million in financing for startups operating within the technology and creative sectors
Unlike traditional funding programmes that invest directly in individual businesses, the DICE Fund of Funds will channel investments through selected venture capital and micro-venture capital funds. This approach is expected to expand access to financing by enabling startups from every region of the country to benefit, rather than concentrating investments in a few major technology hubs
The fund has also been structured to attract more private capital by allowing the Federal Government’s contribution to serve as first-loss capital. This reduces investment risks for private investors and is expected to encourage greater participation from institutional and private sector investors
Speaking on the initiative, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, said the programme represents another major step towards strengthening Nigeria’s innovation ecosystem
“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,” he said
Chief Executive Officer of Kuramo Capital Management, Wale Adeosun, described the initiative as a landmark development for Africa’s venture capital ecosystem
“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 re, and deliver returns that justify this historic confidence,” he said
Vice President Kashim Shettima also described the commencement of investments under the iDICE Programme as an important milestone in the Federal Government’s efforts to unlock opportunities for young Nigerians
“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,” he said
The new investment fund is expected to strengthen Nigeria’s startup ecosystem by improving access to early-stage financing, reducing reliance on foreign venture capital and encouraging greater participation by domestic institutional investors. For startups, MSMEs and creative businesses, the initiative could unlock much-needed capital for product development, business expansion, job creation and innovation, while supporting the growth of a more resilient and globally competitive digital economy.
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