Last updated: 13 October 2026. Reports on the programme differ in places, which we note below. Funding is never guaranteed, and nobody can promise you an investment.
In July 2026, the Federal Government and the Bank of Industry (BOI) announced a $170.6 million fund aimed at making it easier for Nigerian technology and creative start-ups to raise money from within the country. It is a big headline number, but it works in an indirect way, and it is easy to misunderstand. Here is what it is, what it is not and what founders can do.
What was announced
The BOI appointed Kuramo Capital Management as manager of the DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) programme. The federal government is providing $85.3 million as anchor capital, and Kuramo is expected to raise an equal amount from private investors, giving a minimum fund size of $170.6 million. Reports also describe the fund as the largest financing window under iDICE, whose development partners include the African Development Bank, the French development agency and the Islamic Development Bank, with the BOI investing on the government’s behalf. The programme targets Nigerians aged 15 to 35.
What “fund of funds” means
A fund of funds does not invest directly in start-ups. Instead, it puts money into venture capital and private equity funds, which in turn back companies. The aim is to build local venture capital so that founders depend less on foreign investors for early money. The first investment under the programme was a commitment to the Ventures Platform Pan-African Fund II in November 2025, which had raised $64 million of a $75 million target at its first close.
Other parts of the programme
- Startup Bridge: the first cohort of 185 founders was admitted in June 2026 after a national selection process, and applications for a second cohort opened on 24 June.
- Growth Lab: due to launch in July, it is meant to offer growth-stage tech start-ups potential equity funding of up to $100,000.
- Debt funds: the BOI/iDICE Debt Fund and the IsDB Murabaha Debt Fund together set aside $110 million for tech and creative start-ups.
The wider context
Nigerian start-ups raised $572 million in 2025, part of $4.1 billion raised across Africa, according to the Partech Africa VC report, and the 2022 Nigeria Startup Act provides a policy framework. Earlier coverage of iDICE quoted different total figures, between $618 million and $672 million, because reports counted different sources and commitments, and it has been unclear to many founders how to take part. So treat headline numbers with caution and focus on the programmes you can apply to.
What this means for founders
- Do not expect direct cash from the fund of funds. It invests in funds, so your investor will be a venture firm, not the government.
- Get your business in order. Register with the CAC, keep clean records and a clear cap table. See business structures in Nigeria and how to register a business name.
- Build traction. Investors back customers and revenue more than ideas. See our guides on common entrepreneurship mistakes and examples of Nigerian startups.
- Know the different kinds of money. Equity gives up ownership, debt must be repaid, and grants or training have conditions. Compare them before you accept.
- Beware of fake agents. Anyone who charges a fee to “secure” iDICE or other funding is probably a scam. Use official announcements from the BOI and the programme. See our guide on internet scams.
Why it matters beyond start-ups
A deeper pool of local capital could mean more jobs, more tools and services for small businesses and a stronger digital economy. See our guides on Nigeria’s digital economy and what fintech is. It will take years to show results, and whether it works will depend on fund managers choosing well and founders building real businesses.
A Short Timeline
- November 2025: iDICE makes its first direct investment, in Ventures Platform’s Pan-African Fund II.
- 24 June 2026: applications open for the second Startup Bridge cohort.
- 1 and 2 July 2026: the BOI appoints Kuramo Capital Management and the fund is announced.
- July 2026: the Growth Lab is due to launch.
What Investors Usually Look For
- A real problem and customers who will pay for the solution.
- A team that can execute and stay together.
- Traction: revenue, users, repeat purchases or pilot contracts.
- A large enough market and a clear route to reach it.
- Clean legal structure, tax compliance and honest financial records.
- A realistic plan for how the money will be used.
Terms You Will Hear
- Anchor investor: an early, large backer whose commitment helps others join a fund.
- General partner (GP): the firm that manages a fund and decides where to invest.
- Limited partner (LP): an investor in the fund, such as a bank, development institution or wealthy individual.
- Cap table: a record of who owns what share of a company.
- Term sheet: a summary of the main terms of an investment before the final contract.
- Dilution: the reduction in existing owners’ percentage when new shares are issued.
Frequently Asked Questions
Can I apply to the DICE Fund of Funds?
Not directly. It invests in venture funds. You can apply to programmes such as Startup Bridge or approach the funds it backs.
Who can benefit from iDICE?
The programme targets Nigerians aged 15 to 35 in technology and creative businesses.
How much can a start-up get?
The Growth Lab was reported to offer potential equity funding of up to $100,000 for eligible growth-stage tech start-ups. Individual deals vary.
Is the fund size $170.6 million?
That is the minimum target for the fund of funds. Other iDICE totals reported in the media are larger because they include other commitments.
Sources
- allAfrica: BOI appoints Kuramo Capital to manage $170.6m iDICE fund for Nigerian start-ups
- MSME Africa: BOI signs $170 million iDICE fund deal
- MSME Africa: FG launches $170.6m fund to boost tech start-ups
- Ecofin (via Osiris): Nigeria fund of 170 million dollars to strengthen start-up funding
- The Condia: What you need to know about Nigeria’s iDICE fund
