The Federal Government has announced a $50 million investment in the newly established Nigeria Wholesale Impact Investment Fund (WIIF), reaffirming its commitment to advancing inclusive and sustainable economic growth.
In a post on its official X (formerly Twitter) account, the Federal Ministry of Finance said the move reflects a strategic effort to accelerate economic transformation.
The $50 million investment represents the first tranche of what is expected to become a $100 million capital base for the fund.
The WIIF is a government-led financing mechanism designed to mobilise large-scale capital through financial intermediaries such as development finance institutions, microfinance banks, and impact-focused fund managers. These institutions will, in turn, provide funding to businesses and projects that deliver tangible social and economic value.
Effectively operating as a “fund of funds”, the WIIF will not provide capital directly to individual enterprises. Instead, it will support intermediary institutions that back ventures across key sectors including agriculture, infrastructure, digital technology, and youth entrepreneurship.
More than a financing vehicle, the WIIF is positioned as a long-term development strategy. It aims to ensure that capital is not only raised at scale but also deployed through effective partners, reaching underserved populations and high-impact sectors critical to Nigeria’s growth.
This initiative forms a core part of President Bola Tinubu’s broader economic vision to drive annual GDP growth of seven percent. It will prioritise support for micro, small and medium enterprises (MSMEs), while targeting transformative sectors such as agribusiness, infrastructure development, and digital innovation.
The announcement followed a high-level strategy meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, in Abuja on Tuesday.
The gathering brought together key figures from both government and private sector. Among the attendees were Mrs Ibukun Awosika, Chair of the Impact Investors Foundation (IIF) and Global Steering Group (GSG) for Impact Investment; Mr Wale Adeosun, CEO of Kuramo Capital; Ms Sanyade Okoli, Special Adviser to the President on Finance and Economy; and Mrs Lydia Shehu Jafiya, Permanent Secretary at the Federal Ministry of Finance.
Participants reviewed the WIIF’s operational framework, including its drawdown plan and the modalities for implementation. Key discussions centred on collaboration with the Development Bank of Nigeria (DBN) and the introduction of innovative financial instruments such as government-backed guarantees to encourage private sector participation and strengthen investor confidence.
It was also agreed that the WIIF would align with the African Development Bank (AfDB)-backed Youth Entrepreneurship Bank, to broaden access to finance for young innovators and emerging entrepreneurs.
Describing the initiative as a clear reflection of the government’s development focus under the Renewed Hope Agenda, Mr Edun said the administration is determined to promote inclusive growth and job creation.
“This partnership demonstrates the strength of public-private cooperation in achieving Nigeria’s economic objectives. We are committed to ensuring that these funds are deployed transparently, effectively, and with measurable impact for all Nigerians,” he said.
With the Federal Government providing half of the initial fund capital, the WIIF is expected to act as a catalyst for further investment from both domestic and international sources. It will offer blended finance solutions designed to reduce risk and attract private capital into strategic, often underfunded sectors.
As a wholesale investment platform, the WIIF will channel long-term capital to financial institutions and investment managers focused on delivering measurable social and environmental outcomes.
The Finance Ministry stated that by operating at scale and supporting ecosystem builders, the fund aims to boost capital flows to underserved markets and generate employment across Nigeria.
According to government officials and development partners, the fund has the potential not only to stimulate enterprise development but also to support Nigeria’s shift towards a more resilient, inclusive, and innovation-led economy.
