BOI signs $170m fund deal to unlock financing for tech, creative startups
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 to expand access to financing for technology startups, creative businesses and innovation-driven enterprises.
The agreement, signed in Abuja on Wednesday, marks a major milestone in the implementation of the $617 million iDICE Programme, with the Fund of Funds representing its largest financing window.
A statement issued by the bank said the fund will channel investments through venture capital firms, which will in turn provide equity financing to startups and high-growth businesses operating in Nigeria’s digital and creative sectors.
Speaking at the signing ceremony, Managing Director of the Bank of Industry, Dr Olasupo Olusi, described the appointment of Kuramo Capital as another significant step in the Federal Government’s drive to deepen investment in Nigeria’s innovation ecosystem.
He said the initiative positions Nigeria to set “a continental benchmark” for public investment in the digital and creative economy.
“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,” Olusi said.
He described the iDICE Programme as one of Africa’s most ambitious interventions aimed at accelerating entrepreneurship, innovation, job creation and economic transformation.
According to him, while Nigeria’s technology and creative industries remain among the fastest-growing sectors on the continent, inadequate access to venture capital—particularly at the pre-seed and seed stages—continues to constrain growth.
Olusi said the Fund of Funds would bridge that financing gap by investing in multiple venture capital funds that will provide capital to startups across the technology and creative ecosystem.
He 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.
The BOI chief urged Kuramo Capital to execute its mandate with professionalism, transparency and speed, stressing that timely deployment of funds is critical to supporting entrepreneurs seeking to scale their businesses.
“The integrity of the fund is tied directly to Nigeria’s credibility in the global investor community,” he said.
The Federal Government launched the iDICE Programme in March 2023 as a flagship initiative to improve access to finance for young entrepreneurs and accelerate the growth of Nigeria’s digital and creative industries.
The programme was unveiled by former Vice President Yemi Osinbajo and is financed through contributions from the African Development Bank ($170 million), the French Development Agency ($116 million), the Islamic Development Bank ($70 million), the Bank of Industry ($45 million) on behalf of the Federal Government, and $271 million from private sector investors.
Since its launch, the programme has recorded several implementation milestones.
In June 2026, the iDICE Startup Bridge admitted 185 entrepreneurs into the inaugural cohort of its Founders Lab following a nationwide selection process.
Beyond providing financing for startups, the programme 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 and business development services.
Industry stakeholders believe the latest fund management agreement will strengthen venture capital financing in Nigeria and enhance the capacity of technology and creative enterprises
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