…Receives Report of Finance Committee on Wholesale Impact Investment Fund, WIIF
The Honourable Minister of State, Budget and National Planning, Prince Clem Agba has received the Interim Report of the Finance Committee set up by the federal government to facilitate the process of establishing a $1 billion Wholesale Impact Investment Fund that will catalyse sustainable and affordable investments in social enterprises.
Receiving the report on behalf of the Federal Government on Friday in Abuja, the Honourable Minister thanked the committee members for their due diligence, saying that the federal government is pleased that the committee members have delivered on the assignment given to them.
He said that though the administration of President Muhammadu Buhari is already coming to an end, he was optimistic that the their recommendations would be followed by the incoming administration, stressing that the federal government will made a seed fund commitment for the establishment of the Nigerian Wholesale Impact Investment Fund.
The Minister stated that although the Impact Investment Fund is relatively new in Nigeria, the outgoing government had already laid foundation for the incoming government to embrace the initiative and improve on it.
He said that he is pleased that the proposed fund is also receiving strong support from key partners from the private sector, saying that the federal government will continue to promote public-private partnerships for the overall benefit of all Nigerians.
According to the Honourable Minster, the Federal government is always looking for ways to proffer solutions to the socio-economic changes of the country through genuine and impactful interventions, hence the government’s commitment to generate positive social and environmental impact as well as financial returns from the Wholesale Impact Investment Fund.
He said that the Federal government is placing emphasis on putting smiles on the faces of people, solving environmental issues and social problems as against making financial returns.
Earlier during the presentation of the Committee’s report by the Chairman who is the Permanent Secretary Finance Mr. Aliyu Ahmed, recalled that on July 21, 2022, the Honourable Minister inaugurated the Finance Committee on the Nigerian WIIF to facilitate the process for establishment of a $1 billion Wholesale Impact Investment Fund intended to be large enough to catalyse sustainable and affordable investments in social enterprises.
He said that the Committee was charged primarily with the task of securing the Government’s commitment and contribution to the seed capital of $100 million, of which the Federal Government of Nigeria graciously accepted to invest 70 per cent ($70 million), while the Private Sector, as the engine of growth, will invest 30 per cent ($30 million).
He reported that the Committee to a large extent was able to achieve giant strides in the assigned task with the development of a Framework detailing the blueprint of the Wholesale Impact Investment Fund (WIIF) and identification of the sources of seed capital for the government’s contribution.
He, However, informed that the Committee would require more time to ensure completion of its assignment as programmed in its work plan in order to ensure the disbursement of the Government contribution to the Nigerian WIIF.
The Permanent Secretary appreciated the Honourable Minister of State for the outstanding achievements made under his leadership and for initiating several impactful programmes that would have far reaching impact on the nation and its citizens.
The presentation of the Committee’s report had in attendance, the Permanent Secretary Budget and National Planning Engr Nebeolisa Anako , Director International Cooperation Dr Lanre Adekanye, Director Information Sade Boriowo, Director Social Development Dr. Faniran, Acting Director Macro, Felix Okonkwo, Etemore Glover CEO, Impact investors Foundation/National Advisory Board for Impact investing, Professor Olumide Ayomide , Representating DG Budget, Funmi Ikuerow and Monsur Jimoh.
Principal Information Officer
For: Director, Information(BNP)