This strategic expansion reflects IIF’s commitment to strengthening Nigeria’s impact economy and advancing innovative solutions for inclusive and sustainable development.

The newly appointed board members include Ms. Adesuwa Okunbo-Rhodes, founding partner and CEO, Aruwa Capital Management; Dr. Godwin Ehigiamusoe, CEO, LAPO Group; and Mr. Adewale Ajayi, Partner and Head of Tax, KPMG Africa, and their appointments became effective on September 1, 2025.

The combined expertise of the new board members will further enhance the foundation’s governance, strategy, and advocacy on unlocking impact capital in Nigeria.

Ms. Adesuwa Okunbo-Rhodes is a trailblazing private equity executive and one of Africa’s leading gender-lens investors. A

s Founding Partner and CEO of Aruwa Capital Management, she has successfully mobilised capital to back women-led and women-focused enterprises across West Africa.

With her proven track record of building inclusive businesses and advocating for women’s economic empowerment, Ms. Okunbo-Rhodes will provide IIF with critical insights into unlocking gender-smart investment opportunities.

Dr. Godwin Ehigiamusoe, is a pioneer of Nigeria’s microfinance sector and the founder of LAPO Group. With more than three decades dedicated to financial inclusion, he has impacted millions of low-income households through innovative microfinance models.

His deep knowledge of grassroots finance and social enterprise makes him a strong voice for expanding access to opportunities within underserved communities.

Mr. Adewale Ajayi is a seasoned tax and advisory professional and a Partner at KPMG Nigeria. With decades of experience advising corporations, governments, and nonprofits, he specializes in helping institutions create sustainable value through sound financial management and corporate governance. His strategic perspective will strengthen IIF’s operational excellence and accountability.

Welcoming the new trustees, Mr. Frank Aigbogun, the chairman of Impact Investors Foundation, said:

“We are honoured to have such accomplished leaders join our Board. Their diverse expertise in gender-lens investing, microfinance, pensions, and governance will be invaluable as we deepen Nigeria’s impact investing ecosystem. We will work together to position impact capital as a driver of inclusive economic growth and resilience in Nigeria.”

With these appointments, IIF remains committed to its vision of fostering an enabling environment for impact investors, intermediaries and social entrepreneurs.

Guided by its Board of Trustees and the Nigerian National Advisory Board for Impact Investing (NABII), the Foundation is well-positioned to unlock capital for social investments, promote financial inclusion, and advance sustainable development.

It reveals that the Nigerian financial market has limited capacity to cater to MSME funding demands such as equity funding, grants, low-cost debt financing and patient capital.

The report unveiled at the 6th Annual Convening on Impact Investing in Lagos on Wednesday, provided recommendations for investing in MSMEs, and women-owned businesses, and unlocking pension funds to mobilise capital to drive growth in these sectors.

The study conducted by the Nigerian Economic Summit Group (NESG) and NABII, supported by the Global Steering Group for Impact Investment (GSG), OTT Impacto and funded by the International Development Research Centre (IDRC) found that most impact investment in Nigeria comes from international investors and the deals are limited compared to the demand while local investors have the perception that these investments do not translate into financial returns.

It provides valuable insights into investing for impact with policy recommendations for unlocking the potential of the Agriculture, Education, and Health sectors.

The report contributes to the mainstreaming of impact investing in Nigeria and attracting private capital towards achieving the Sustainable Development Goals (SDGs).

“This report is an essential step toward understanding the enabling conditions for unlocking investment for impact in Agriculture, Health, and Education.

The Impact Investors Foundation and its partners are committed to improving the awareness, stakeholders’ acceptance and development of enterprises for impact funds,” said Etemore Glover, Chief Executive Officer of the NABII.

She added that the report will “further set out the required policies, interventions, and collaboration among key stakeholders that can take the Impact Investing market in Nigeria to the next level.”

The report found that the agriculture (USD$799.8 million), financial services (USD$729.69 million) and energy sectors (USD372.71 million) have been the most consistent destinations of impact investment for Development Finance Institutions over the past five years while deployment into Education and Health sectors have halted since 2018.

The government DFIs include the Bank of Industry (BoI), Development Bank of Nigeria (DBN), Nigerian Import Export Bank (NEXIM), Bank of Agriculture (BOA), and Central Bank of Nigeria (CBN) while the private DFIs are the commercial banks.

The study revealed the allocation of pension funds to impact investing-related asset classes has been significantly poor and recommended the inclusion of impact investing criteria in investment guidelines for pension funds, increased asset allocation to impact investing products; an upgrade of FUND I and VI for impact investing market and approval of direct investment in listed local companies that are ESG-complaint.

Speaking at a panel session for the launch of the report, the CEO of the Pension Fund Operators Association in Nigeria, Agudah Oguche, said research conducted by the association showed that pension operators are interested in investing in impact-focused businesses but are more concerned about the safety and returns of their investment.

Agudah said, “More than 60 per cent of them want to invest in infrastructure and impact but the challenge is the structure. We are engaging them to be able to get that feedback to the market in terms of their preferences. Essentially, they are interested in the safety of their investment and returns and impact. Though the impact is important, it’s not the top priority because we operate in a competitive industry.”

Also speaking, Dr Olusegun Omisakin, the Chief Economist at NESG, pointed out that evidence-based research was at the core of any policy that aims to reduce poverty and have a more inclusive economy.

He said that one of the learnings from the study is the need to “ask the right questions to understand the critical stakeholders.”

“It has strengthened our advocacy messaging and the discovery of new ways to attract private capital. Collaborating on this research helped us to get ideas from everyone to create a strong narrative and context,” he added.

Also speaking on the funding model of the bank, the Sustainability Specialist at the DBN, Lolade Awogbade, explained that a subsidiary of DBN, Impact Credit Guarantee, was established in 2019 to empower banks to lend to MSMEs.

She explained,

“The model that DBN runs is wholesale and does not have a direct relationship with the beneficiaries. How successful MSMEs are is highly dependent on how prepared they are when they approach these financial institutions.”

The launch of the Investing for Impact in Nigeria report is a significant milestone for the development of the Impact Investing market in Nigeria.

The report’s insights and recommendations will help to inform policymakers and other stakeholders on how to create a more conducive environment for Impact Investing to flourish.

The full report is available for download here: Investing for Impact in Nigeria: A Deep Dive into Agriculture, Education, and Health Sectors