Key Takeaways
- • The Bank of Industry (BOI) and Kuramo Capital have signed a $170.06 million fund of funds management contract to administer the Investment in Digital and Creative Enterprises (iDICE) programme, Africa's largest sovereign intervention in technology and creative sectors.
- • The fund of funds represents the largest funding component within the $617 million iDICE programme, which targets technology-enabled businesses and creative enterprises across Nigeria with capital access as the primary objective.
- • Kuramo Capital was selected through a competitive process to manage the fund, with BOI implementing the broader iDICE initiative jointly financed by the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank (IsDB), and BOI itself.
- • The programme is positioned as a strategic initiative to stimulate innovation, create employment, and drive economic transformation across Nigeria's technology and creative sectors, with BOI also co-investing through Ventures Platform's Fund II.
Summary
The Bank of Industry has formalized a $170.06 million fund of funds management agreement with Kuramo Capital to oversee the federal government's iDICE programme. Structured as a fund of funds—an investment vehicle that deploys capital across a portfolio of underlying investment funds rather than direct equity positions—this contract represents the largest funding component within the broader $617 million iDICE initiative.
According to Olasupo Olusi, BOI's managing director, Kuramo Capital emerged as the preferred manager following a competitive selection process. Olusi characterized the iDICE programme as "one of Africa's largest interventions in the technology and creative sectors," designed to catalyze strategic investments in high-growth, technology-enabled enterprises while simultaneously stimulating job creation and broader economic transformation.
The iDICE programme operates with multi-lateral institutional support. Financing partners include the African Development Bank, the French Development Agency, the Islamic Development Bank, and BOI, which also serves as the implementing partner. BOI has separately committed to co-investment through Ventures Platform's Fund II, positioning the federal government as an active participant in Nigeria's venture capital ecosystem.
Olusi's statement emphasized Nigeria's continental positioning through this sovereign commitment to innovation and creative economy development, framing the fund allocation as part of a broader federal strategy to deepen capital access for technology and creative sector enterprises. The $170 million minimum fund size underscores the scale of the capital commitment and institutional confidence in Kuramo Capital's management capability to deploy and manage this portfolio across Nigeria's emerging technology and creative verticals.
According to Olasupo Olusi, BOI's managing director, Kuramo Capital emerged as the preferred manager following a competitive selection process. Olusi characterized the iDICE programme as "one of Africa's largest interventions in the technology and creative sectors," designed to catalyze strategic investments in high-growth, technology-enabled enterprises while simultaneously stimulating job creation and broader economic transformation.
The iDICE programme operates with multi-lateral institutional support. Financing partners include the African Development Bank, the French Development Agency, the Islamic Development Bank, and BOI, which also serves as the implementing partner. BOI has separately committed to co-investment through Ventures Platform's Fund II, positioning the federal government as an active participant in Nigeria's venture capital ecosystem.
Olusi's statement emphasized Nigeria's continental positioning through this sovereign commitment to innovation and creative economy development, framing the fund allocation as part of a broader federal strategy to deepen capital access for technology and creative sector enterprises. The $170 million minimum fund size underscores the scale of the capital commitment and institutional confidence in Kuramo Capital's management capability to deploy and manage this portfolio across Nigeria's emerging technology and creative verticals.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.