Key Takeaways
- • The Federal Government of Nigeria has appointed Kuramo Capital Management as fund manager for the $170 million DICE Fund of Funds under the iDICE (Investment in Digital and Creative Enterprises) programme, with the contract signed in Abuja on July 1, 2026.
- • The Fund of Funds is capitalized at $170 million, with the Federal Government contributing $85 million as anchor commitment and Kuramo Capital mandated to raise an equivalent $85 million from private sector investors, positioning this as Africa's largest government-backed technology and creative startup investment vehicle.
- • The iDICE programme is co-financed by the African Development Bank (AfDB), Agence Française de Développement (AFD), and the Islamic Development Bank (IsDB), targeting Nigerians aged 15 to 35 across all 36 states and the Federal Capital Territory through skills development, access to finance, and ecosystem support.
- • Vice President Kashim Shettima characterized the investment initiation as a "defining moment" for Nigeria's youth and aligned with President Bola Tinubu's Renewed Hope agenda, signaling a strategic policy shift toward technology and innovation sectors.
Summary
The Federal Government of Nigeria has formalized its institutional commitment to the technology and creative economy by appointing Kuramo Capital Management as fund manager for the DICE Fund of Funds, a $170 million investment vehicle structured under the iDICE programme. The appointment was formally executed through a contract signed between the Managing Director of the Bank of Industry (BOI) and the Chief Executive of Kuramo Capital on July 1, 2026, in Abuja.
The fund structure reflects a co-investment model: the Federal Government has committed $85 million as the anchor institutional investor, while Kuramo Capital has been tasked with raising an equivalent $85 million from private sector investors. This dual-capital approach represents an effort to catalyze private investment in Nigeria's digital and creative sectors while maintaining government participation. The $170 million total capitalization is characterized as the largest government-anchored technology and creative startup investment initiative ever undertaken by an African nation, establishing a significant precedent for the continent's innovation financing landscape.
The iDICE programme operates as a multi-lateral initiative, co-financed by three major institutional partners: the African Development Bank, Agence Française de Développement (France's development agency), and the Islamic Development Bank. The programme targets a demographic cohort of Nigerians aged 15 to 35 and operates across Nigeria's 36 states plus the Federal Capital Territory, with stated objectives encompassing skills and talent development, access to capital, and ecosystem development for innovation and enterprise.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, positioned the fund's operational commencement as "a defining moment for Nigeria's youth," framing the investment as integral to the Tinubu administration's broader Renewed Hope agenda. The appointment of Kuramo Capital signals confidence in the fund manager's capacity to deploy capital across technology and creative enterprises while maintaining alignment with national development objectives.
The fund structure reflects a co-investment model: the Federal Government has committed $85 million as the anchor institutional investor, while Kuramo Capital has been tasked with raising an equivalent $85 million from private sector investors. This dual-capital approach represents an effort to catalyze private investment in Nigeria's digital and creative sectors while maintaining government participation. The $170 million total capitalization is characterized as the largest government-anchored technology and creative startup investment initiative ever undertaken by an African nation, establishing a significant precedent for the continent's innovation financing landscape.
The iDICE programme operates as a multi-lateral initiative, co-financed by three major institutional partners: the African Development Bank, Agence Française de Développement (France's development agency), and the Islamic Development Bank. The programme targets a demographic cohort of Nigerians aged 15 to 35 and operates across Nigeria's 36 states plus the Federal Capital Territory, with stated objectives encompassing skills and talent development, access to capital, and ecosystem development for innovation and enterprise.
Vice President Kashim Shettima, who chairs the iDICE Steering Committee, positioned the fund's operational commencement as "a defining moment for Nigeria's youth," framing the investment as integral to the Tinubu administration's broader Renewed Hope agenda. The appointment of Kuramo Capital signals confidence in the fund manager's capacity to deploy capital across technology and creative enterprises while maintaining alignment with national development objectives.
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