Nigeria’s drive to strengthen its technology and creative industries has received a major boost as the Bank of Industry (BOI) signed a $170 million fund management agreement with Kuramo Capital under the Investment in Digital and Creative Enterprises (iDICE) programme. The fund, described as the largest component of the $617 million iDICE initiative, is expected to unlock much-needed financing for startups, innovators, and creative businesses across the country.
Announcing the development, BOI Managing Director Olasupo Olusi said Kuramo Capital emerged as the preferred fund manager after a competitive selection process. He noted that the fund represents a significant step in positioning Nigeria as a leading destination for innovation-driven investments in Africa. According to him, the initiative reflects the federal government’s commitment to building a stronger digital and creative economy capable of driving long-term growth.
Olusi explained that the iDICE programme is jointly financed by the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank (IsDB), and the Bank of Industry. He described the programme as one of the largest interventions aimed at supporting Africa’s technology and creative sectors, with a focus on stimulating innovation, creating employment opportunities, and accelerating economic transformation.
A key objective of the fund is to address the persistent shortage of venture capital available to startups and emerging businesses. Rather than investing directly in companies, the fund will channel resources into venture capital firms, which will then provide financing to high-growth technology-enabled and creative enterprises. BOI believes this approach will help bridge funding gaps that have often limited the growth potential of innovative Nigerian businesses.
Speaking on the appointment, Kuramo Capital Founder and Chief Executive Officer, Wale Adeosun, described the agreement as a landmark moment for Africa’s venture capital ecosystem. He said the firm would leverage its extensive investment network to attract additional private-sector funding and expand opportunities for entrepreneurs. With the new fund now in place, industry stakeholders are optimistic that Nigeria’s startup and creative sectors could witness increased investment, stronger global investor confidence, and a new wave of business growth in the coming years.
source: The cable
