Key Takeaways
- • Bank of Industry appoints Kuramo Capital Management as fund manager for the $170.6 million DICE Fund of Funds, marking a major milestone in Nigeria's commitment to technology and creative sector financing.
- • Federal Government anchor commitment of $85.3 million with Kuramo Capital mandated to raise matching private-sector capital on a dollar-for-dollar basis, targeting total capitalization of $170.6 million.
- • iDICE Programme is co-financed by African Development Bank (AfDB), Agence Française de Développement (AFD), and Islamic Development Bank (IsDB), representing one of Africa's largest dedicated government investments in tech and creative startup ecosystems.
- • Fund structure positions Nigeria as Africa's leading hub for the knowledge economy through targeted support for entrepreneurship, innovation, and job creation in digital and creative sectors.
- • Dr. Olasupo Olusi, BOI Managing Director, signed the contract with Kuramo Capital's Chief Executive, formalizing the fund manager appointment in Abuja.
Summary
The Bank of Industry (BOI), serving as the Implementing Agency for Nigeria's Investment in Digital and Creative Enterprises (iDICE) Programme, has formally appointed Kuramo Capital Management as Fund Manager of the DICE Fund of Funds. The announcement, marked by a contract signing ceremony in Abuja between BOI's Managing Director Dr. Olasupo Olusi and Kuramo Capital's Chief Executive, represents a pivotal milestone in Nigeria's accelerating commitment to technology and creative sector entrepreneurship.
The DICE Fund of Funds is structured to achieve minimum total capitalization of $170.6 million. The Federal Government is providing an anchor commitment of $85.3 million through the iDICE Programme, with Kuramo Capital mandated to raise matching private-sector capital on a dollar-for-dollar basis. This dual-commitment structure underscores the government's confidence in private-sector participation while establishing a substantial capital base for venture investment in Nigeria's digital and creative economy.
The iDICE Programme itself represents the Federal Government's most ambitious intervention in the digital economy and creative sectors to date. The initiative is co-financed by three major multilateral development institutions: the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). This international co-financing framework reflects broad consensus among development finance institutions regarding Nigeria's potential as a technology and innovation hub.
The programme was designed with an explicit mandate to promote entrepreneurship, drive innovation, create jobs at scale, and position Nigeria as Africa's leading hub for the knowledge economy. The iDICE Programme is implementing its investment mandate through a suite of complementary funds, with the DICE Fund of Funds serving as a critical vehicle for channeling capital to early-stage and growth-stage technology and creative enterprises across Nigeria's ecosystem.
The DICE Fund of Funds is structured to achieve minimum total capitalization of $170.6 million. The Federal Government is providing an anchor commitment of $85.3 million through the iDICE Programme, with Kuramo Capital mandated to raise matching private-sector capital on a dollar-for-dollar basis. This dual-commitment structure underscores the government's confidence in private-sector participation while establishing a substantial capital base for venture investment in Nigeria's digital and creative economy.
The iDICE Programme itself represents the Federal Government's most ambitious intervention in the digital economy and creative sectors to date. The initiative is co-financed by three major multilateral development institutions: the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB). This international co-financing framework reflects broad consensus among development finance institutions regarding Nigeria's potential as a technology and innovation hub.
The programme was designed with an explicit mandate to promote entrepreneurship, drive innovation, create jobs at scale, and position Nigeria as Africa's leading hub for the knowledge economy. The iDICE Programme is implementing its investment mandate through a suite of complementary funds, with the DICE Fund of Funds serving as a critical vehicle for channeling capital to early-stage and growth-stage technology and creative enterprises across Nigeria's ecosystem.
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