Impact Investors Foundation (IIF) said promoting strong collaboration among enterprise support organisations (ESO) is critical to building MSME investment readiness to unlock more impact capital for economic growth in the country.

ESO is a group of professionals that provides support to MSMEs in Nigeria and is building a stronger ecosystem across the country.

The programme is building a strong network of diverse ESOs with a common goal of driving sustainable economic growth through entrepreneurship.

This, according to IIF, will increase MSMEs’ investment readiness, which can unlock more impact capital to support MSMEs operations.

The foundation report, titled ‘The Mapping and Analysis of Enterprise Support Organisations (ESOs)’, unveiled at the ESO yearly forum theme, ‘Scalable Pathway for ESOs in Nigeria to build the micro, small, and medium enterprises (MSMEs) Investment Readiness Capacity’ was organised by the IIF in Lagos.

The report offers an in-depth assessment of the current landscape of ESOs across key sectors, highlighting their crucial role in supporting MSMEs, challenges and opportunities and identifying funding sources to enhance their long-term viability.

Speaking at the forum, the Chief Executive Officer of IIF, Etemore Glover, observed that MSMEs need partnership, knowledge and funding among others to thrive in the business space.

According to her, MSMEs are the backbone of the Nigerian economy, but investment readiness is frequently questioned.

“Despite building business traction and scaling plants, many MSMEs struggle to secure affordable financing,” she said.