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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 major step toward increasing access to funding for startups and high-growth businesses in Nigeria
The agreement, announced in Abuja, establishes the largest financing window under the iDICE Programme and is expected to channel investments into venture capital funds that will provide funding to technology, creative, and innovation-driven enterprises across the country
Speaking at the signing ceremony, BOI Managing Director, Olasupo Olusi, described the partnership as another milestone in the Federal Government’s efforts to strengthen Nigeria’s innovation ecosystem and position the country as a leader in digital and creative economy investments in Africa
He said the establishment of the Fund of Funds, alongside previous investments in venture capital, demonstrates the government’s commitment to accelerating the growth of technology-enabled businesses through strategic financing
According to Olusi, the iDICE Programme is one of Africa’s most ambitious initiatives supporting innovation, entrepreneurship, job creation, and economic transformation
He noted that despite the rapid growth of Nigeria’s technology and creative sectors, many startups continue to struggle with limited access to venture capital, especially during the pre-seed and seed stages of business development
The new Fund of Funds is designed to bridge this financing gap by investing in multiple venture capital funds, which will then provide funding to promising startups and fast-growing businesses within the digital and creative economy
Olusi 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 Management to execute its mandate with professionalism, transparency, and speed, stressing that timely deployment of funds is critical to supporting entrepreneurs looking to scale their businesses
According to him, the credibility of the programme and Nigeria’s reputation among global investors will depend largely on the effective management of the fund
Launched in 2023, the Investment in Digital and Creative Enterprises (iDICE) Programme is a Federal Government initiative aimed at expanding access to finance for young entrepreneurs while accelerating growth in Nigeria’s digital and creative industries
The programme is backed by a broad coalition of development finance institutions and private investors. Under the financing arrangement, the African Development Bank committed $170 million, the French Development Agency contributed $116 million, the Islamic Development Bank provided $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 expand its support for Nigeria’s innovation ecosystem
In June 2026, the iDICE Startup Bridge admitted 185 entrepreneurs into the first cohort of its Founders Lab after a nationwide selection process
Beyond startup financing, the initiative plans to establish 66 innovation hubs and centres of excellence across Nigeria, train up to 300,000 young people in digital and creative skills, and provide investment readiness support for hundreds of startups
The latest agreement is expected to improve access to venture capital, strengthen Nigeria’s startup ecosystem, encourage innovation, and create new opportunities for MSMEs operating in technology, digital services, and the creative economy
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