The Federal Government has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme, marking a major step in its efforts to boost Nigeria’s technology and creative sectors.
The appointment was formalised on Tuesday in Abuja with the signing of a contract between the Managing Director of the Bank of Industry (BOI) and the Chief Executive Officer of Kuramo Capital.
According to the Presidency, the DICE Fund of Funds is targeting a capital base of $170 million. The Federal Government is providing an initial commitment of $85 million through the iDICE Programme, while Kuramo Capital is expected to mobilise an equivalent amount from private investors.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described the development as an important milestone in the government’s drive to expand opportunities for young Nigerians.
He said the commencement of investments under the iDICE Programme reflects the administration’s commitment to unlocking the potential of Nigerian youths through innovation, entrepreneurship and enterprise development.
The iDICE Programme is jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB). It is designed to support Nigerians aged between 15 and 35 through skills development, access to finance and the creation of an enabling environment for innovation across the 36 states and the Federal Capital Territory.
The announcement follows the programme’s first direct venture capital investment in November 2025, when it committed funding to Ventures Platform’s VP Pan-African Fund II. The investment attracted support from international institutions, including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa and Proparco.
The Bank of Industry, which serves as the executing agency for the programme, said the initiative would help expand investment in technology-driven and creative enterprises across the country.
BOI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the establishment of the DICE Fund of Funds would deepen the Federal Government’s objective of accelerating growth in Nigeria’s technology and creative industries through strategic investments.
Kuramo Capital, an investment firm with offices in New York, Lagos and Nairobi, will oversee the management of the fund and is expected to attract additional private capital to support startups.
Founder and Chief Executive Officer of Kuramo Capital, Wale Adeosun, said the fund would strengthen Africa’s venture capital ecosystem and demonstrate the role governments can play in mobilising private investment.
According to the Presidency, the fund is expected to support startups across Nigeria’s six geopolitical zones, extending investments beyond Lagos and Abuja to other parts of the country.
The structure also includes government funding as a first-loss tranche aimed at reducing investment risks and encouraging greater private sector participation.
