Nigeria Launches $170.6 Million Tech and Creative Fund for All 36 States

The Federal Government of Nigeria has officially launched a 170.6 million dollar fund to support young business owners in the technology and creative sectors.

The new vehicle, called the DICE Fund of Funds, aims to provide vital funding to startups across all 36 states and the Federal Capital Territory. The goal is to reach entrepreneurs outside major commercial centres such as Lagos and Abuja, helping young talent build businesses wherever they are based.

How the Fund Works

The arrangement relies on a public-private structure. The Federal Government, through its Investment in Digital and Creative Enterprises (iDICE) programme, is putting up an initial 85.3 million dollars.

To complete the pool, the government appointed asset firm Kuramo Capital Management to manage the fund and raise a matching 85.3 million dollars from private investors. This brings the minimum starting size of the fund to 170.6 million dollars.

Unlike standard venture funds that invest directly into individual companies, a "fund of funds" model works differently. The DICE Fund will invest capital into smaller venture firms and micro-funds. Those smaller funds will then select and invest in early-stage tech and creative startups across the country.

To protect private investors, the government structured its contribution as first-loss capital. This means if investments perform poorly, the government absorbs the initial losses. This safety net reduces financial risk and encourages private funds to invest in young Nigerian companies.

What Leaders Are Saying

At the signing ceremony in Abuja, Bank of Industry Managing Director Olasupo Olusi said the deal represents a big step forward for the nation.

"By establishing the DICE Fund of Funds with Kuramo Capital, we are advancing the Federal Government's objective of expanding Nigeria's technology and creative sectors," Olusi said. He added that the Bank of Industry is proud to lead the rollout to ensure money reaches real innovators.

Kuramo Capital Chief Executive Officer Wale Adeosun called the initiative a turning point for African business funding. He noted that Nigeria is proving that a government can serve as a strong anchor investor while helping build a healthy market for local startups.

The Bigger Picture

This fund is part of the larger 617 million-dollar iDICE initiative. Backed by the African Development Bank, the French Development Agency, and the Islamic Development Bank, iDICE aims to create millions of jobs and train young people in modern technical skills.

Beyond investment capital, the overall programme is building digital hubs in 66 universities and polytechnics nationwide. It also runs training programs such as the Startup Bridge, which prepares founders to secure equity funding and expand their operations.