BOI signs $170 million fund management deal to boost Nigeria's tech, creative industries

Arts & Entertainment, Business

ABUJA, Nigeria (NPA) — The Bank of Industry (BOI) has signed a 170.06 million-dollar Fund of Funds management agreement with Kuramo Capital Management under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme to accelerate investment in Nigeria’s technology and creative sectors.

Speaking at the signing ceremony in Abuja, BOI Managing Director, Dr Olasupo Olusi, described the Fund of Funds as the largest component of the 617 million-dollar iDICE Programme, saying it reflects Nigeria’s commitment to building a globally competitive innovation ecosystem.

According to Olusi, Kuramo Capital emerged as the preferred fund manager after a competitive selection process conducted in line with international best practices.

“With a minimum fund size of 170 million dollars, the Fund of Funds is the largest fund under the programme. Nigeria is setting a continental benchmark for sovereign commitment to the innovation and creative economy through this fund,” he said.

Olusi said the programme is jointly financed by the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank (IsDB) and BOI, which also serves as the implementing agency.

He noted that Nigeria’s technology and creative industries remain among Africa’s fastest-growing sectors but continue to face significant shortages of venture capital, particularly for early-stage businesses.

According to him, the Fund of Funds will bridge that financing gap by investing in venture capital funds that will, in turn, provide financing to start-ups and high-growth enterprises.

Olusi recalled that the programme made an initial 64 million-dollar investment in Ventures Platform Fund II in 2025 alongside the International Finance Corporation (IFC), Standard Bank of South Africa, Proparco and British International Investment.

He urged Kuramo Capital to execute its mandate with professionalism and transparency, stressing that the success of the fund would strengthen Nigeria’s credibility among global investors.

“The Federal Government has made an unprecedented commitment to invest in innovators and creatives, while international partners have co-financed with confidence. I charge Kuramo Capital to deliver with excellence,” he said.

Founder and Chief Executive Officer of Kuramo Capital, Mr Wale Adeosun, described the agreement as a milestone for Africa’s venture capital ecosystem.

According to him, Nigeria is demonstrating that government can serve as both a credible anchor investor and a catalyst for private capital.

“We are honoured to be entrusted with this mandate and committed to raising matching capital, investing wisely and delivering strong returns,” Adeosun said.

He disclosed that Kuramo Capital has mobilised more than 3.5 billion dollars for high-growth companies through venture capital funds and has invested in 21 funds across Africa.

Adeosun added that the firm would deploy its Accelerating, Bridging, Catalysing and Developing (ABCD) model under the iDICE Programme to identify and support women-led funds and young entrepreneurs across Nigeria’s six geopolitical zones.

He expressed confidence that the partnership with BOI would expand access to capital, strengthen Nigeria’s innovation ecosystem and accelerate economic growth and job creation.