FG to Invest $50m in Nigeria Wholesale Impact Investment Fund

FG to Invest $50m in Nigeria Wholesale Impact Investment Fund

JOEL OLADELE, Abuja

The Federal Government of Nigeria has announced a commitment to sustainable economic growth with an investment of $50 million in the Nigeria Wholesale Impact Investment Fund (WIIF), marking the fund’s first close at $100 million.

According to a statement signed on Tuesday, by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga, the initiative aligns with President Bola Ahmed Tinubu’s vision of achieving a 7% annual economic growth rate, focusing on critical sectors such as agriculture, infrastructure, and digital innovation.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hosted a high-level delegation yesterday, which included leadership from the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and key private-sector stakeholders.

The meeting, attended by notable figures such as Ibukun Awosika (Chairman, IIF/GSG), Wale Adeosun (CEO, Kuramo Capital), Sanyade Okoli (Special Adviser to the President on Finance & Economy), and Lydia Shehu Jafiya (Permanent Secretary, Federal Ministry of Finance), highlighted the government’s commitment to leveraging impact investment as a catalyst for job creation and poverty alleviation.

During the session, stakeholders reviewed the operational framework for the WIIF and agreed on actionable next steps, including structured engagement with the Development Bank of Nigeria (DBN) to finalize the fund’s drawdown schedule. Further discussions will explore innovative financing mechanisms, including government guarantees, to enhance private-sector participation.

Manga noted that the WIIF will also be strategically aligned with the African Development Bank (AfDB)-supported Youth Entrepreneurship Bank to amplify opportunities for young entrepreneurs.

Edun commended the collaborative efforts, stating, “This partnership exemplifies the power of public-private collaboration in advancing Nigeria’s economic priorities. We are committed to ensuring transparency, efficiency, and measurable impact in deploying these resources to benefit all Nigerians.”

The initiative is expected to unlock significant financing for micro, small, and medium enterprises (MSMEs) and generate millions of jobs across priority sectors, reinforcing the government’s commitment to fostering a robust and inclusive economy.