Nigeria commits $50m to Wholesale Impact Investment Fund

– To drive job creation

Mkpoikana Udoma

Port Harcourt — The Nigerian Government has announced a landmark $50 million commitment to 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 Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, is a core element of the Tinubu administration’s economic roadmap to achieve 7% annual GDP growth, with priority sectors including agriculture, infrastructure, and digital innovation.

Edun said, “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 announcement followed a high-level strategy meeting at the Federal Ministry of Finance in Abuja, where Edun hosted leaders from the Impact Investors Foundation, IIF, the Global Steering Group, GSG, for Impact Investment, and major private sector players.

Attendees include Mrs. Ibukun Awosika, Chairman, IIF/GSG Nigeria; Mr. Wale Adeosun, CEO, Kuramo Capital; Ms. Sanyade Okoli, Special Adviser to the President on Finance & Economy; and Mrs. Lydia Shehu Jafiya, Permanent Secretary, Federal Ministry of Finance.

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,” said 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.