The Impact Investors Foundation (IIF) recently paid courtesy visits to the Federal Ministries of Finance and Budget as well as the National Pencom Commission (PENCOM) with the view to having stronger ties towards advancing the course of impact investing in the country.

The high-level delegation was led by Ibukun Awosika, the Chair, GSG Nigerian Partner and Vice Chair, GSG Impact, last Tuesday, and was received by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Honourable Minister of Budget and Economic Planning, Senator Abubakar Bagudu; and the Director General of National Pension Commission (PenCom), Omolola Oloworaran, to foster a stronger relationship and advance discussions on catalysing economic growth through impact investments.

Other members of the IIF delegation included Elizabeth Boggs Davidsen, CEO of GSG Impact and Wale Adeosun, CEO of Kuramo Capital Management and the WIIF Fund Manager. In addition, 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 Wholesale Impact Investing Fund (WIIF), aiming for a first close target of $100 million. The IIF delegation emphasised that this partnership was crucial for mobilizing private sector investment towards inclusive and sustainable development across Nigeria.

Senator Bagudu and Wale Edun availed themselves of the visit to reiterate government’s commitment to mobilising capital for the Wholesale Impact Investment Fund, a $1 billion fund of funds designed to address the critical financing gap faced by Micro, Small, and Medium Enterprises (MSMEs).

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.

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.

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.

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 IIF 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.