BOI inks $170m deal to drive Nigeria’s tech, creative industries

THE Bank of Industry (BOI) has signed a $170 million fund-of-funds management agreement with Kuramo Capital to oversee the Nigerian government’s Investment in Digital and Creative Enterprises (iDICE) programme, a key initiative aimed at boosting financing for Nigeria’s technology and creative industries.

A fund of funds is an investment vehicle that deploys capital into a portfolio of investment funds rather than investing directly in individual companies or securities.

Valued at $170.06 million, the fund of funds represents the largest financing component of the $617 million iDICE programme, which is designed to access capital for technology-driven businesses and creative enterprises.

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In a statement issued on Wednesday, BOI Managing Director, Mr Olasupo Olusi, said Kuramo Capital was selected as the preferred fund manager after a competitive procurement process.

Olusi said the fund, with a minimum size of $170 million, underscores Nigeria’s commitment to strengthening its innovation and creative economy.

He noted that, following BOI’s investment in Ventures Platform Fund II, the establishment of the DICE Fund of Funds with Kuramo Capital further advances the government’s objective of scaling up investments in high-growth, technology-enabled businesses and the creative sector.

According to him, the iDICE programme is jointly funded by the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank (IsDB), and the BOI, which also serves as the implementing institution.

Olusi described the initiative as one of the largest interventions in Africa’s technology and creative ecosystem, with the goal of fostering innovation, generating employment and accelerating economic growth.

He explained that the fund of funds is intended to tackle the shortage of venture capital by investing in venture capital firms that will, in turn, finance early-stage startups operating in the technology and creative sectors.

The BOI chief also recalled that the iDICE programme made an initial investment of $64 million in Ventures Platform Fund II in 2025 alongside co-investors, including the International Finance Corporation (IFC), Standard Bank of South Africa, Proparco and British International Investment.

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Olusi urged Kuramo Capital to implement the mandate with transparency and speed, stressing that delays in deploying capital could negatively affect entrepreneurs awaiting funding and undermine Nigeria’s credibility among global investors.

Commenting on the appointment, Kuramo Capital Founder and Chief Executive Officer, Wale Adeosun, described the agreement as a significant milestone for Africa’s venture capital industry.

He said the appointment demonstrates that Nigeria can serve as both a credible anchor investor and a catalyst for market development, adding that Kuramo Capital would leverage its global fundraising network to attract additional private capital into the iDICE programme.