The federal government has promised to provide $50 million for the Nigeria Wholesale Impact Investment Fund (WIIF), anchoring its first close at $100 million in a move to spur economic growth, drive job creation, and attract private capital to high-impact sectors.
The funding, announced on Tuesday by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, is a core element of the President Bola Tinubu administration’s economic roadmap to achieve 7 per cent annual GDP growth.
He said this allow proper focus on priority sectors including agriculture, infrastructure, and digital innovation.
“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 Minister said.
The announcement followed a high-level strategy meeting at the Federal Ministry of Finance in Abuja, where Mr Edun hosted leaders from the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and major private sector players.
Others in attendance were the Chairman of IIF/GSG Nigeria, Mrs Ibukun Awosika; the CEO of Kuramo Capital, Mr Wale Adeosun; the Special Adviser to the President on Finance and Economy, Ms Sanyade Okoli; and the Permanent Secretary in the Federal Ministry of Finance, Mrs Lydia Shehu Jafiya.
The WIIF, which is structured to catalyze private-sector participation, will be directly aligned with existing initiatives such as the African Development Bank-supported Youth Entrepreneurship Bank, amplifying access to capital for Nigeria’s booming youth population and small business ecosystem.
“We are not just creating a fund, we are building an engine for inclusive development. This fund will unlock new pathways for impact capital to flow into areas that uplift millions.
“This is more than capital. It’s a commitment to a better future,” added Mr Edun.
The session also focused on finalising operational structures, including the WIIF’s drawdown framework in coordination with the Development Bank of Nigeria (DBN).
Discussions are ongoing around the use of government guarantees to de-risk investments and boost confidence among local and international investors.
The WIIF is expected to help close Nigeria’s critical financing gap for micro, small, and medium enterprises, MSMEs, while boosting productivity and employment across key sectors.
With this announcement, Nigeria joins a growing group of emerging economies deploying impact investing as a tool for addressing social challenges through market-based solutions.