FG Commits $50 Million to Impact Investment Fund, Deepens Partnership with Investors

By Achimi muktar

In a bold move to stimulate economic growth and unlock job opportunities for millions, the Federal Government has confirmed a groundbreaking $50 million commitment to the Nigeria Wholesale Impact Investment Fund (WIIF), marking the fund’s first close at a staggering $100 million.

The announcement, made through the official X (formerly Twitter) handle of the Federal Ministry of Finance on Tuesday, signals a renewed drive by President Bola Ahmed Tinubu’s administration to attract impact-driven investments and turbocharge sectors like agriculture, infrastructure, and digital innovation.

Leading the charge is Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who welcomed top-tier representatives from the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and other key private sector players for a high-level engagement aimed at finalizing the fund’s operational framework.

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

With a target size of $1 billion, the WIIF—co-created by the IIF and Kuramo Capital Management—is already generating buzz among Pension Fund Administrators (PFAs) and development institutions. The fund is structured to inject large-scale capital into financial intermediaries, including microfinance banks and impact-focused fund managers. These, in turn, will empower businesses that deliver both financial returns and measurable social impact.

Backed by the African Development Bank (AfDB), WIIF is also set to work in synergy with the upcoming Youth Entrepreneurship Bank—an ambitious initiative aimed at empowering Nigeria’s growing youth population.

During the meeting, stakeholders discussed integrating innovative financial tools, including government-backed guarantees, to ensure robust private-sector participation. They also agreed to coordinate with the Development Bank of Nigeria (DBN) to finalize the drawdown schedule for the fund.

The meeting was a powerhouse gathering of impact investment champions and senior government officials, including:

Mrs. Ibukun Awosika, Chair of IIF and GSG

Mr. Wale Adeosun, CEO of Kuramo Capital

Ms. Sanyade Okoli, Special Adviser to the President on Finance & Economy

Mrs. Lydia Shehu Jafiya, Permanent Secretary, Federal Ministry of Finance

Together, they underscored a shared commitment to using impact investments as a tool for economic transformation, poverty alleviation, and job creation.

The Wholesale Impact Investment Fund isn’t just another government initiative—it’s a potential game-changer. With its emphasis on sustainability, accountability, and measurable outcomes, the fund aims to supercharge Nigeria’s micro, small, and medium enterprises (MSMEs) while addressing unemployment at scale.

Launched in November 2024, the WIIF has already hit a first-close milestone of $100 million, with sights set on the billion-dollar mark. As momentum builds, all eyes are on how this strategic public-private collaboration will reshape Nigeria’s economic landscape in the years ahead.