FG Supports MSMEs, Boosts Job Creation With $50m Wholesale Impact Fund

The federal government has committed $50 million as anchor investment in the Nigeria Wholesale Impact Investment Fund (WIIF), marking its first close at $100 million.

The move is part of a broader strategy to stimulate inclusive, sustainable economic growth and support President Bola Ahmed Tinubu’s ambition of achieving a 7 per cent annual growth rate.

The development was disclosed Tuesday via the official X (formerly Twitter) handle of the Federal Ministry of Finance, following a high-level strategy session led by the minister of Finance and coordinating minister of the Economy, Wale Edun. The meeting brought together stakeholders from the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and private sector leaders.

The Ministry described the WIIF as a “strategic initiative” targeting critical sectors such as agriculture, infrastructure, and digital innovation—areas considered essential for job creation, poverty alleviation, and long-term economic resilience.

During the meeting, participants reviewed the fund’s operational framework and agreed on next steps. These include a structured engagement with the Development Bank of Nigeria (DBN) to finalise the drawdown schedule for disbursing capital, as well as the design of innovative financing mechanisms such as government-backed guarantees to incentivise private-sector participation.

“The WIIF is a practical step toward our development goals,” said Edun. “This partnership exemplifies the power of public-private collaboration in advancing Nigeria’s economic priorities.

We are committed to transparency, efficiency, and measurable impact in deploying these resources.”
The WIIF is expected to unlock substantial capital for micro, small, and medium-sized enterprises (MSMEs), considered critical to Nigeria’s economic base. The fund will also align with the African Development Bank-supported Youth Entrepreneurship Investment Bank, broadening access to finance for young entrepreneurs across the country.

Stakeholders at the meeting included Ibukun Awosika, Chair of IIF and GSG; Wale Adeosun, CEO of Kuramo Capital; Sanyade Okoli, Special Adviser to the President on Finance and Economy; and Lydia Shehu Jafiya, permanent secretary, Federal Ministry of Finance.

“This fund represents a major opportunity to mobilise patient capital that delivers both economic and social returns,” said Awosika. “It signals to global and local investors that Nigeria is serious about using finance to drive development outcomes.”

With the initial close of $100 million secured, efforts are now underway to expand the fund through additional capital raises from institutional investors, both domestic and international. The WIIF is positioned as a long-term instrument to channel blended finance into sectors that can scale employment, increase productivity, and support inclusive economic transformation.