Introduction

The Bank of Industry has appointed Kuramo Capital Management as the fund manager for a new $170.6 million DICE Fund of Funds, marking a significant step toward strengthening Nigerias technology and creative sectors. The initiative forms part of the broader iDICE Programme, which seeks to unlock entrepreneurship, drive innovation, and position Nigeria as a leading hub for the knowledge economy across Africa.

What Happened

A contract signing ceremony in Abuja formalised the appointment, with the Bank of Industry Managing Director and Kuramo Capital Chief Executive putting pen to paper. The DICE Fund of Funds aims to reach a total capitalisation of $170.6 million, anchored by an $85.3 million commitment from the Federal Government through the iDICE Programme. Kuramo Capital is tasked with raising an equivalent amount of private-sector capital on a dollar-for-dollar basis.

Why This Matters

The fund represents one of the largest dedicated government investments in technology and creative startups in African history. By deploying capital across all 36 states and the Federal Capital Territory, the initiative breaks the historical concentration of venture investment in a few urban centres. The structure includes a junior tranche of 30 percent first-loss capital designed to de-risk the fund and attract additional private investment, targeting a net internal rate of return of 20 percent and a money multiple of 2.4x.

Key Takeaways

  • The DICE Fund of Funds will invest indirectly in closed-end venture capital and micro-venture capital funds focused on technology and creative sector businesses.
  • Previous iDICE milestones include a $64 million direct investment into Ventures Platforms VP Pan-African Fund II.
  • The funds geographic mandate ensures capital reaches founders in every region of Nigeria, not just major cities.
  • Quotes from BOIs Managing Director and Kuramo Capitals Chief Executive highlight the deal as a landmark moment for Africas venture ecosystem.
  • Nigerias Vice President Kashim Shettima described the commencement of investing as a leap forward under the Renewed Hope agenda.

Conclusion

For Nigerian technology and creative entrepreneurs, the DICE Fund of Funds combined with earlier iDICE investments creates multiple pathways to early-stage capital, reducing reliance on foreign venture funding. As the fund moves into deployment, it promises to deepen the ecosystem, support job creation at scale, and cement Nigerias position as a rising destination for innovation-driven growth.