ABUJA, Nigeria — Nigeria is escalating its push to tap global capital markets with a $170 million state-backed investment vehicle aimed at channeling private money into its technology and creative industries.
The government has committed $85 million as anchor capital under the Investment in Digital and Creative Enterprises (iDICE) Programme and appointed Kuramo Capital Management to raise matching funds from institutional investors, in a structure designed to crowd in foreign and domestic capital.
The mandate, signed in Abuja on June 30 with the Bank of Industry (BOI), positions the Fund of Funds as one of the most ambitious public-sector attempts to mobilise venture capital in Africa.
Vice President Kashim Shettima said the launch signals a more assertive approach to financing Nigeria’s growth sectors.
“The commencement of investing by iDICE is an exciting milestone… to unleash the full potential of Nigeria’s young people,” he said.
Backed by multilateral lenders including the African Development Bank, Agence Française de Développement and the Islamic Development Bank, the fund is structured to reduce investor risk while expanding access to capital for high-growth startups.
The vehicle will deploy capital through venture fund managers targeting technology-enabled businesses, offering institutional investors diversified exposure to Nigeria’s startup ecosystem.
The move builds on Nigeria’s first direct foray into venture capital in 2025, when it backed Ventures Platform’s Pan-African Fund II alongside investors such as the International Finance Corporation, British International Investment, Standard Bank of South Africa and Proparco.
BOI Managing Director Olasupo Olusi said the fund would accelerate investment into priority sectors.
“By establishing the DICE Fund of Funds with Kuramo Capital, we are deepening the Federal Government’s objective of upscaling Nigeria’s technology and creative sectors,” he said.
Kuramo Capital, which has mobilised more than $3.5 billion for African investments, is expected to leverage its global network to attract commitments.
The initiative reflects a broader shift by Nigeria toward using public capital to unlock private investment, as it seeks to position itself as a key destination for frontier-market investors targeting Africa’s digital economy.
