The Bank of Industry (BOI) has signed a $170.06 million Fund of Funds management agreement with Kuramo Capital Management under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme.
Speaking at the signing ceremony in Abuja, BOI Managing Director, Dr. Olasupo Olusi, described the Fund of Funds as the largest investment vehicle under the $617 million iDICE Programme, with a minimum fund size of $170.06 million.
Olusi said Kuramo Capital emerged as the preferred fund manager after a rigorous selection process conducted in line with global best practices.
“With a minimum fund size of $170 million, the Fund of Funds is the largest fund under the iDICE Programme. Nigeria is setting a continental benchmark for sovereign commitment to the innovation and creative economy through this initiative,” he said.
He noted that the establishment of the fund followed iDICE’s earlier $64 million investment in Ventures Platform Fund II, alongside co-investors including the International Finance Corporation (IFC), Standard Bank of South Africa, Proparco and British International Investment.
According to him, the new fund will deepen the Federal Government’s drive to expand Nigeria’s technology and creative sectors by mobilising strategic investments in high-growth, technology-enabled enterprises.
“The Bank of Industry is proud to serve as the implementing agency driving this historic investment into the hands of Nigeria’s innovators,” he added.
Olusi explained that the iDICE Programme is co-financed by the African Development Bank, the French Development Agency, the Islamic Development Bank and BOI.
He described iDICE as one of Africa’s most ambitious initiatives for the technology and creative economy, aimed at unlocking entrepreneurship, stimulating innovation, creating sustainable jobs and driving economic transformation.
According to him, although Nigeria’s technology and creative sectors are among the continent’s most dynamic, they continue to face significant funding gaps, particularly at the pre-seed and seed stages.
He said the Fund of Funds would address this challenge by investing in venture capital funds that would, in turn, provide financing to start-ups operating in the technology and creative industries.
Olusi urged Kuramo Capital to execute its mandate with professionalism, transparency and urgency, warning that delays in fund deployment would have serious consequences for entrepreneurs seeking investment.
“The integrity of the fund is directly tied to Nigeria’s credibility within the global investment community. We expect Kuramo Capital to deploy its networks and capital-raising capabilities from day one,” he said.
He described the agreement as a defining moment that could transform Nigeria’s technology and creative ecosystems.
“The Federal Government has made an unprecedented commitment to invest in innovators and creatives, while our international partners have demonstrated confidence by co-financing the programme. I charge Kuramo Capital to manage every dollar prudently because the future of Nigeria’s technology and creative industries depends on it,” Olusi said.
Speaking at the event, Founder and Chief Executive Officer of Kuramo Capital, Mr. Wale Adeosun, described the Fund of Funds as a landmark development for Africa’s venture capital ecosystem.
He said the initiative demonstrates that government can serve both as a credible anchor investor and an effective market builder.
“We are honoured to be entrusted with this mandate and are committed to mobilising matching capital, investing prudently and delivering returns that justify this historic confidence,” Adeosun said.
He added that the programme would strengthen collaboration between government and the private sector, particularly financial institutions, to accelerate economic growth.
According to him, Kuramo Capital has helped catalyse more than $3.5 billion in investments into fast-growing companies through venture capital funds and has invested in 21 funds to date.
Adeosun also disclosed that the firm’s ABCD model—Accelerating, Bridging, Catalysing and Developing—has identified 45 first-time women fund managers and would be deployed under the iDICE Programme to support women and young entrepreneurs across Nigeria’s six geopolitical zones.
He expressed confidence that the partnership with BOI would significantly expand access to capital for innovative businesses and strengthen Nigeria’s entrepreneurial ecosystem.
