A high-level delegation from the Impact Investors Foundation (IIF), led by Mrs. Ibukun Awosika, the chair, GSG Nigerian Partner and Vice Chair, GSG Impact, on Tuesday, visited the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; minister of Budget and Economic Planning, Senator Abubakar Bagudu; and the Director General of National Pension Commission (PenCom), Ms Omolola Oloworaran, to foster a stronger relationship and advance discussions on catalysing economic growth through impact investments.
The engagement included representatives from key government parastatals under the Ministry, including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN).
The primary objective of the visits was to reinforce collaboration and secure the government’s $50 million commitment to the WIIF, aiming for a first close target of $100 million.
The IIF delegation emphasized that this partnership was crucial for mobilizing private sector investment towards inclusive and sustainable development across Nigeria.
During the visit, Senator Bagudu and Mr Wale Edun reiterated the government’s commitment to mobilising capital for the Wholesale Impact Investment Fund, a $1 biilion fund of funds designed to address the critical financing gap faced by Micro, Small, and Medium Enterprises (MSMEs).
Ms Oloworanran also expressed interest in impact investing, recognising its potential to drive economic growth, while announcing plans to increase the allocation of pension funds to alternative investments from 5% to 10%.
This development presents a significant opportunity for impact investing to play a more active role in the ecosystem, with pension funds contributing to its growth.
Mrs. Awosika highlighted the WIIF’s potential to generate employment, empower SMEs, and contribute to Nigeria’s national development goals.
She also stressed the importance of close collaboration with government bodies to build local investor confidence and establish Nigeria as a leader in the impact investing space.
Ms. Elizabeth Boggs Davidsen, CEO of GSG Impact, shared insights on how government participation in similar funds globally has successfully attracted significant private capital, underscoring the value of a strong partnership.
Mr. Wale Adeosun, CEO of Kuramo Capital Management and the WIIF Fund Manager, outlined the Fund’s investment strategy, noting the progress made with a 20% first-loss guarantee from Afreximbank and considerable interest from domestic pension funds and international development finance institutions.
The Impact Investors Foundation delegation conveyed their gratitude for the Ministry’s support and reaffirmed their commitment to collaborating with all relevant government bodies to position the WIIF as a strategic national investment vehicle that effectively addresses Nigeria’s economic, social, and climate priorities.
