In a significant move to promote investments, the Federal Government has pledged to provide seed money for the establishment of the Nigerian Wholesale Impact Investment Fund (WIIF). The announcement came from Clem Agba, the Minister of State for Finance and Budget Planning, during a high-level roundtable discussion held in Abuja on Thursday.
Highlighting the government’s commitment to fostering public-private collaborations that promote social equality, Minister Agba revealed that the administration has already invested over N1.5 trillion in various social investment initiatives in recent years. With the growing impact investing ecosystem, he emphasized the government’s aim to attract mainstream investors capable of injecting substantial capital into the market while ensuring market integrity.
During the meeting with stakeholders, the Federal Government formally announced its financial commitment to the Wholesale Impact Investment Fund. This announcement serves as a stepping stone for engaging a wider range of stakeholders, with the goal of unlocking local private investments and utilizing public funding for sustainable business financing with social and environmental significance.
Minister Agba encouraged investors to explore the potential of impact investing, emphasizing its ability to generate significant positive social and economic impacts throughout communities across Nigeria. He further shared that the technical committee responsible for establishing the fund would provide more details on how individuals can participate in the process. Additionally, he called for strategies to increase impact investing activity, expand the market, enhance investment portfolios, and deepen the impact of each individual investment.
The author asserts that the introduction of the Wholesale Impact Investment Fund by the National Advisory Board for Impact Investing, in collaboration with the European Union, the German Agency for International Development, and Ford Foundation, has been warmly received as an effective instrument for implementing public welfare and social schemes.
By supporting the Nigerian Wholesale Impact Investment Fund, the Federal Government aims to drive sustainable investments that address societal and environmental challenges while fostering economic growth and development.