Nigeria launches $170.6M DICE Fund

The Bank of Industry (BOI), as the implementing agency for the Investment in Digital and Creative Enterprises (iDICE) Programme of the Federal Government of Nigeria, has appointed Kuramo Capital Management as the Fund Manager for the DICE Fund of Funds. This fund is structured to achieve a minimum total capitalisation of $170.6 million, with Nigeria contributing an anchor commitment of $85.3 million. Kuramo Capital Management is mandated to raise an equivalent amount from private investors. This initiative, co-financed by the African Development Bank, France — French Development Agency, and Islamic Development Bank, aims to promote entrepreneurship, drive innovation, and create jobs in Nigeria's technology and creative sectors. The fund will invest across all 36 states and the Federal Capital Territory, deploying capital through indirect investments in selected venture capital and micro-venture capital funds. This follows an earlier landmark investment in November 2025 into Ventures Platform's VP Pan-African Fund II, which closed at $64 million with co-investors including the International Finance Corporation, United Kingdom — British International Investment, Standard Bank, and France — Proparco. The program also includes skills development, ecosystem enablement, and additional debt financing through the BOI/iDICE Debt Fund and IsDB Murabaha Debt Fund.