FG appoints Kuramo Capital to manage $170m startup investment fund

The federal government has appointed Kuramo Capital Management as fund manager for the $170 million DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme, in what the Presidency describes as Africa’s largest government-backed investment in technology and creative startups.

The agreement was signed in Abuja on Tuesday between the Managing Director of the Bank of Industry (BOI) and the Chief Executive Officer of Kuramo Capital.

The DICE Fund of Funds will be capitalised with $170 million, comprising an $85 million anchor investment from the Federal Government through the iDICE Programme and a matching $85 million to be raised by Kuramo Capital from private sector investors.

Chairman of the iDICE Steering Committee and Vice President, Kashim Shettima, described the commencement of the Fund of Funds as a major milestone in the Federal Government’s drive to empower young Nigerians through innovation and entrepreneurship.

“The commencement of investing by iDICE is an exciting milestone and a leap forward in the determined efforts of the Government of Nigeria, under the leadership of His Excellency President Bola Ahmed Tinubu, to deliver on our vision of unleashing the full potential of Nigeria’s young people, in line with the Renewed Hope agenda,” Shettima said.

The Vice President also congratulated the Bank of Industry and Kuramo Capital on the milestone, saying the initiative reflects the government’s commitment to supporting innovation with tangible investments.

The iDICE Programme is jointly financed by the African Development Bank (AfDB), Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB). It targets Nigerians aged between 15 and 35 by supporting skills development, improving access to finance and strengthening the innovation ecosystem across the 36 states and the Federal Capital Territory.

The announcement follows iDICE’s first direct venture capital investment in November 2025 through Ventures Platform’s VP Pan-African Fund II, which attracted co-investors including the International Finance Corporation (IFC), British International Investment (BII), Standard Bank of South Africa and Proparco.

Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, said the new fund would deepen government efforts to stimulate investment in high-growth enterprises.