The Federal Government has appointed Kuramo Capital Management as the Fund Manager of the DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme, marking a major step in its drive to boost financing for Nigeria’s technology and creative sectors.
The appointment was formalised with the signing of a contract between the Managing Director of the Bank of Industry (BOI) and the Chief Executive Officer of Kuramo Capital in Abuja on Tuesday.
The DICE Fund of Funds has a target capitalisation of $170 million, with the Federal Government committing $85 million through the iDICE Programme. Kuramo Capital will raise a matching $85 million from private investors, making the fund the largest government-backed investment in technology and creative start-ups on the continent.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described the development as a significant 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… to unleash the full potential of Nigeria’s young people in line with the Renewed Hope agenda,” he said.
The iDICE Programme is co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB). It aims to support Nigerians aged 15 to 35 by improving access to finance, developing digital skills and strengthening the innovation ecosystem across the country.
Managing Director and Chief Executive Officer of BOI, Dr Olasupo Olusi, said the establishment of the fund builds on the programme’s first direct investment in Ventures Platform’s VP Pan-African Fund II in 2025.
“By investing in Ventures Platform’s Fund II and now establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of scaling up Nigeria’s technology and creative sectors through strategic investments in high-growth enterprises,” he said.
Founder and Chief Executive Officer of Kuramo Capital, Wale Adeosun, said the fund would strengthen Nigeria’s venture capital ecosystem and attract greater private investment.
According to him, the firm is committed to raising the required matching capital and delivering sustainable returns while supporting innovative businesses across the country.
The fund is expected to invest in start-ups across Nigeria’s six geopolitical zones, extending financing beyond Lagos and Abuja to emerging innovation hubs nationwide. Structured with government capital serving as a first-loss tranche to reduce investment risk, the initiative is designed to attract institutional investors and expand access to funding for high-growth technology and creative enterprises.
