The Minister of State for Budget and National Planning, Prince Clem I. Agba, and the Special Adviser to the President on Social Investments, Mrs Maryam Uwais, have committed to championing the advocacy for establishing the Wholesaler Impact Investment Fund (WIIF).
They said this while receiving a delegation of the Nigeria National Advisory Board on Impact Investing (NABII) in their respective offices on Friday, June 10, 2022, in Abuja.
The delegation thanked the Minister of State for Budget and National Planning for attending the Validation Workshop on the Wholesaler Impact Investment Fund held the previous day at the Fraser Suites, Abuja.
They assured the Minister that the WIIF would unlock capital for investing in the economy in ways that have social impact.
While responding to the presentation, Prince Clem Agba retorted, “You are preaching to the choir”, to buttress his longstanding belief in impact investing as the way out of the bind Nigeria finds itself.
He said the country is experiencing low revenue generation and much lower investments, owing to the economic downturn, especially post-Covid.
The Honourable Minister assured the visiting team of his commitment to championing the cause of impact investing within government and private sector circles.
The delegation was led by the NABII’s subcommittee team lead on the Wholesaler Fund, Mrs Toyin Sanni, founder and CEO, Emerging Africa Group. Also, on the delegation were Ms Ana Vinambres and Yakubu Paiko, both of the German development group, GIZ, and the Nigeria Competitiveness Project (NICOP).
The founder and CEO of the consulting firm Nextier, Mr Patrick Okigbo (III), delivered a short presentation on the Fund. And Ms Etemore Glover, Projects Lead at the Impact Investors Foundation and head of the NABII Secretariat, spoke to chronicle the path of the development of the Wholesaler Impact Investment Fund, which intends to build the market and provide financing to enterprises to boost the economy while making and measuring social impact in predefined sectors.
Similar messages were passed at the meeting with Mrs Maryam Uwais, who responded by saying how passionate she is about the social sector. She assured the visiting team of her support in setting up the Fund.
Earlier, in her intervention, the Managing Partner of SME.NG and member of the NABII, Ms Thelma Ekiyor, disclosed the proposed size of the initial investment being sought for establishing the Fund.
“We are looking at an initial sum of N100 billion, which the Fund managers will be asked to match,” she said, adding that with clear and transparent, private-sector-led management, the Fund can expand very quickly. The total size of the Fund is $1billion (approximately N500million).
ABOUT NABII
The National Advisory Board for Impact Investing (NABII) is a cross-section of influential leaders of people and organisations united to grow impact investing in Nigeria. It represents the entire impact investing ecosystem, dedicated to designing and implementing a national strategy that addresses barriers that inhibit its growth and unlock opportunities for more Impactful Investments.
The NABII collectively accelerates and shapes the impact investing ecosystem in Nigeria. Impact investments are investments made to generate positive, measurable social and environmental impact alongside a financial return.
