The Federal Government has launched what it describes as Africa’s largest government-backed investment in technology and creative startups, appointing Kuramo Capital Management to manage the $170 million DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme.
The agreement was signed in Abuja on Tuesday between the Managing Director of the Bank of Industry (BOI) and the Chief Executive Officer of Kuramo Capital.
According to the Presidency, the fund is structured with a target capitalisation of $170 million, with the Federal Government providing an $85 million anchor investment through the iDICE Programme, while Kuramo Capital is expected to raise an equivalent amount from private investors.
The government said the initiative represents the largest government-anchored investment in technology and creative startups by any African country and signals a stronger commitment to supporting innovation and entrepreneurship.
Chairman of the iDICE Steering Committee and Vice President Kashim Shettima described the development as a major milestone for Nigeria’s youth.
“The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people in line with the Renewed Hope Agenda,” Shettima 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 targets Nigerians aged 15 to 35 by supporting skills development, access to finance and the growth of innovation and creative enterprises across the 36 states and the Federal Capital Territory.
The Presidency noted that the latest announcement builds on iDICE’s first direct venture capital investment made in November 2025, when it invested in Ventures Platform’s VP Pan-African Fund II. The fund also attracted investments from the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa and Proparco.
Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, said the fund would accelerate investment in Nigeria’s technology and creative sectors.
“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 upscaling Nigeria’s technology and creative sectors by catalysing strategic investments in high-growth, technology-enabled enterprises,” he said.
Kuramo Capital, founded in 2010 with offices in New York, Lagos and Nairobi, has reportedly facilitated over $3.5 billion in investments across Africa, supporting more than 350,000 jobs and investing in over 130 companies.
Its Founder and Chief Executive Officer, Wale Adeosun, described the fund as a landmark for Africa’s venture capital ecosystem, saying Nigeria was demonstrating that government could serve as both an anchor investor and a market builder.
The DICE Fund of Funds will invest in startups across Nigeria’s six geopolitical zones, including Lagos, Abuja, Kano, Enugu, Port Harcourt, Maiduguri and Plateau. It targets a net internal rate of return (IRR) of 20 per cent and a net money multiple of 2.4x, with government capital structured as a 30 per cent first-loss junior tranche to attract more private investment.
According to the Presidency, the investments under iDICE are expected to reduce the technology sector’s reliance on foreign capital by positioning the Federal Government as an active investor in Nigeria’s innovation ecosystem.