Bank of Industry (BOI) Signs $170m iDICE Fund Management Deal with Kuramo Capital

The Bank of Industry (BOI) has signed a $170 million fund of funds management contract with Kuramo Capital to manage the federal government’s Investment in Digital and Creative Enterprises (iDICE) programme, according to TheCable.

The fund of funds is the largest component of the $617 million iDICE programme, aimed at expanding access to capital for technology-enabled businesses and creative enterprises.

BOI Managing Director Olasupo Olusi said Kuramo Capital emerged following a competitive selection process. The programme is jointly financed by the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank (IsDB), and BOI. Olusi described it as “one of Africa’s largest interventions in the technology and creative sectors.”

Key Points:

Nigerian startups gain access to much-needed venture capital
The fund will address the shortage of early-stage funding for tech and creative businesses
Government credibility in the global investor community is strengthened
Job creation and economic transformation are expected outcomes
Nigeria sets a continental benchmark for sovereign investment in innovation

The fund is expected to mobilise additional private investment. Nigerian tech and creative entrepreneurs should watch for funding opportunities.

Sources: Nairametrics, Bank of Industry (BOI)