By Emmanuel Nduka
The Bank of Industry (BOI) has appointed Kuramo Capital Management as the fund manager for the $170.6 million Investment in Digital and Creative Enterprises (iDICE) Fund of Funds, in a major step aimed at expanding access to venture capital for Nigerian startups and businesses operating in the digital and creative sectors.
The appointment marks a significant milestone in the Nigerian Government’s drive to stimulate innovation, entrepreneurship and job creation by addressing the long-standing funding constraints confronting early-stage enterprises across the country.
According to BOI, the iDICE Fund is designed to strengthen Nigeria’s innovation ecosystem by providing sustainable financing for promising startups through a “fund-of-funds” investment model.
Under the arrangement, the Nigerian Government, through the Bank of Industry, has committed $85.3 million as anchor capital, while Kuramo Capital will mobilise an additional $85.3 million from private investors to bring the total size of the fund to $170.6 million.
Rather than investing directly in startups, the fund will channel resources through carefully selected venture capital and micro-venture capital fund managers, who will in turn finance high-potential businesses across Nigeria.
BOI said the structure is intended to deepen access to investment capital beyond the country’s traditional technology hubs by supporting fund managers with local market knowledge and broad geographic reach across the 36 states and the Federal Capital Territory.
Kuramo Capital, a Pan-African investment management firm with extensive experience in emerging markets, is expected to leverage its expertise in identifying and supporting fund managers capable of nurturing innovative technology companies and creative enterprises.
The development is expected to accelerate the growth of Nigeria’s digital economy, encourage innovation, create employment opportunities and strengthen the country’s position as one of Africa’s leading destinations for technology and creative industry investments.
The iDICE initiative is also expected to foster a sustainable venture capital ecosystem capable of supporting the next generation of Nigerian entrepreneurs while attracting greater private-sector participation in the country’s innovation economy.
