FG unveils $170m iDICE fund, says investment Africa’s largest govt-backed startup initiative

By Dare Babalola

The Federal Government has announced the establishment of a $170 million DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme, describing it as the largest government-backed investment in technology and creative startups by any African country.

The development was disclosed on Thursday by the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, in a post on X.

According to Ajayi, the government has appointed Kuramo Capital Management as the fund manager for the initiative, following the signing of an agreement in Abuja on June 30 between the Managing Director of the Bank of Industry and the Chief Executive Officer of Kuramo Capital.

He said the fund is expected to be capitalised with $170 million, with the Federal Government providing an initial commitment of $85 million through the iDICE Programme, while Kuramo Capital will mobilise an equivalent amount from private investors.

Ajayi noted that the initiative demonstrates the Federal Government’s commitment to expanding investment in Nigeria’s technology and creative sectors while supporting innovation-driven enterprises across the country.

He added that the programme is designed to unlock opportunities for young entrepreneurs and strengthen Nigeria’s innovation ecosystem.

Vice President Kashim Shettima, who chairs the iDICE Steering Committee, described the launch of the Fund of Funds as a major milestone in the administration’s efforts to empower young Nigerians.

He said, “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 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.”

The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement and the Islamic Development Bank. It targets Nigerians between the ages of 15 and 35 through investments in skills development, enterprise financing and innovation support across the 36 states and the Federal Capital Territory.

Ajayi also recalled that the programme made its first direct venture capital investment in November 2025 through Ventures Platform’s VP Pan-African Fund II, marking the first time the Federal Government invested directly in a private venture capital fund.

According to him, the investment attracted international partners, including the International Finance Corporation, British International Investment, Standard Bank of South Africa and Proparco, demonstrating investor confidence in the government’s approach to innovation financing.

The Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, said the establishment of the DICE Fund of Funds would accelerate investments in high-growth technology and creative enterprises.

“By investing in Ventures Platform’s Fund II and now 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 by catalysing strategic investments in high-growth, technology-enabled enterprises,” Olusi said.

Kuramo Capital Management, founded in 2010 with offices in New York, Lagos and Nairobi, has facilitated more than $3.5 billion in investments across Africa and supported over 350,000 jobs, according to the presidential aide.