Stakeholders have called for targeted government policies, impact investment and a more inclusive economy that will unlock capital for micro, small and medium enterprises (MSMEs).
According to them, MSMEs have contributed significantly to Nigeria’s Gross Domestic Product (GDP), accounting for over 48 per cent of national output and employing more than 80 per cent of the workforce.
They noted that yet, limited access to finance, poor infrastructure and inconsistent regulatory environments have long hindered their potential while calling for a targeted policy shift to change the narrative.
These were the discussion at the High-Level Roundtable with policymakers and investors, in a pre-event of the 2025 Africa Impact Summit Study Tour to Nigeria, organised by the Impact Investors Foundation (IIF), Impact Investing Ghana, GSG Impact, Alitheia Capital, and Kuramo Capital held in Lagos.
The former Permanent Secretary of the Federal Ministry of Budget and Economic Planning and current Permanent Secretary of the Ministry of Petroleum Resources, Dr Emeka Vitalis, underscored the government’s commitment to fostering economic growth.
He said the vision of the study tour is a testament to Africa being a hub for sustainable development.
The Chief Executive Officer, GSG Impact, Ms. Elizabeth Boggs Davidsen, shared insights from her decades-long career spanning leadership roles at the United Nations and the Inter-American Development Bank, highlighting key moments that inspired her pivot to impact investing.
She said the aim of the GSG Impact’s mission includes, to strengthen national partner networks in Africa and Asia, supporting the development of strong secretariats, designing innovative policy tools, catalyse investment vehicles and crowd in private capital to advance inclusive economies.
Davidsen, while underscoring Africa’s role in sustainable development, affirmed GSG Impact’s commitment to fostering partnerships across the continent and advocating for impact economies that prioritise people and the planet alongside profit.
During a panel session, experts explored how impact capital can drive growth across diverse sectors and discussed the Nigeria Wholesale Impact Investment Fund (WIIF), which uses its innovative Accelerate, Bridge, and Co-Invest (ABC) model, to support first-time fund managers and mobilise private investment for SMEs.
Panellists emphasised the urgent need for local investors in the private sector to invest in Nigerian MSMEs, while also highlighting the importance of de-risking impact funds to attract returns-driven investors.
The panellists also commended Nigeria’s early adoption of the ISSB framework for standardised impact measurement, positioning the country as a leader in impact transparency that other African markets can emulate.
The panellists called for deeper collaboration between investors, regulators and intermediaries to build an ecosystem that is both investor-friendly and impact-driven.
Also speaking, the Chief Executive Officer of Aruwa Capital, Ms. Adesuwa Okunbo Rhodes, shared her firm’s investment strategy of investing in women-owned businesses with proven management teams, focusing on import substitution and critical sectors, while maintaining active involvement in governance and operations.
