Impact Investing Stakeholders Identify Transformative Role of Catalytic Capital in Nigeria

… NABII launches report that reveals the financing gaps for MSMEs in Nigeria

LAGOS, NIGERIA, November 2, 2023 /EINPresswire.com/ -- Government officials, investors, global leaders, ecosystem builders, and development agencies in the impact investing ecosystem have outlined the transformative role catalytic capital could play in driving socioeconomic and inclusive growth in Nigeria.

They made these statements on Tuesday and Wednesday in Lagos Nigeria at the 6th Annual Convening on Impact Investing hosted by the Impact Investors Foundation, Nigeria’s leading platform for unlocking impact capital.

The Minister for Budget and Economic Planning, Senator Abubakar Atiku Bagudu, in his remarks, identified catalytic capital as an absolute necessity in Nigeria because it is capable of reaching marginalised populations.

He expressed the readiness of the Federal Government to partner with the Impact Investors Foundation (IIF) to deploy impact capital to enterprises that are capable of driving economic growth, creating jobs, and prosperity for Nigerians.

“We have people in our society who are not able to participate in economic activities and make ends meet. An investment that includes everyone makes sense, and it is an absolute necessity for our society,” Senator Bagudu added.

“We are ready to honour the commitment that was given and we are happy for the opportunity to work with people who are experienced to ensure that the funds invested to deliver results are returned so that they continue to serve the needs of the future generations.”

The Keynote Speaker, Rt. Hon. Nick Hurd, Chair of the Global Steering Group for Impact Investing (GSG), said Nigeria could demonstrate a model for inclusive growth through the $1 billion Wholesale Impact Investment Fund (WIIF).

The Nigerian government in May this year endorsed the $100 million first-close of the Nigerian WIIF as an alternative instrument for the effective implementation of public welfare and social schemes and committed to contribute 50% of the initial raise.

Hurd commended the continuity of President Bola Ahmed Tinubu’s government administration in driving the WIIF and impact investment initiatives, which were started by the erstwhile government while pledging the support of the GSG to the NABII.

“This conversation aligns with what is happening in the world. The reality is the government has to change. The private sector cannot sit behind its walls of privilege. Businesses have to demonstrate that they need to be more socially responsible,” he said.

He added, “What could become possible with the WIIF is very critical to the country. Know that you are now plugged into the global system and we are completely on your side so you must own it.”

In her welcome remarks, the Vice Chair of the Global Steering Group for Impact Investing (GSGII) and Chairperson of the Nigerian National Advisory Board for Impact Investing (NABII), Mrs Ibukun Awosika, called on stakeholders in the private and public sectors to work together for the growth of Nigeria.

“The rest of the world is waiting for Nigeria to be successful. We need to use every platform and tool available to achieve what we need for our people. When we talk about wealth, it is not a gender issue but an economic issue,” she added.

In his remarks, the UNDP Resident Representative for Nigeria, Mohamad Yahya said the private sector, including both domestic and foreign investors, has a critical part to play in providing the capital and expertise needed for development.

He said, “The UNDP stands ready to work hand in hand with the government, the private sector, and civil society to leverage this capital effectively. Let us unite in our pursuit of a Nigeria where prosperity, opportunity, and dignity are accessible to all, leaving no one behind in the journey towards sustainable development.”

At the event, the IIF launched a report titled, Investing for Impact in Nigeria: A Deep Dive into Agriculture, Education, and Health Sectors. It reveals that the Nigerian financial market has limited capacity to cater for MSME demands.

The study, done by the Nigerian National Advisory Board for Impact Investing and Nigerian Economic Summit Group (NESG), was supported by the Global Steering Group for Impact Investment (GSG), OTT Impacto and financed by the International Development Research Centre (IDRC).

The report contributes to the mainstreaming of impact investing in Nigeria and provides valuable insights into investing for impact with policy recommendations for unlocking the potential of the Agriculture, Education, and Health sectors.

Ifeoluwa Ogunfuwa
Impact Investors Foundation
+234 808 683 2223
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube