The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu (CON) has reiterated that Impact Investment is an important element that can play a big role in our domestic economy.
He revealed that President Bola Ahmed Tinubu’s administration is working very hard to leave no one in doubt concerning top leadership’s commitment to engage with the investing public. He further stated that the government will encourage and support them as part of the measures taken to provide investors with the comfort that things are done properly.
The Minister made this known when he received delegates from the Nigerian Advisory Board for Impact Investing on Tuesday, 12th September, 2023.
Sen. Bagudu further disclosed that President Tinubu engaged the Nigeria Business Communities in India recently where he tried to mobilize capital. He assured that the administration would take necessary measures to ensure that the Macro-economic environment supports investment decisions.
The Minister described the group’s choice to create opportunity for a segment of the investment world that is fairly discriminatory in what is invested in but yet profitable as a novel decision, saying that the knowledge, competence, and experience of the Board will come to bear in helping market the Country.
The Minister said, “We believe that there are opportunities and they should be private sector led, based on experience in different pilot schemes and different investment done by others though not solely targeted as impact investment, we have seen notable results.”
Sen. Bagudu revealed that Impact Investment is an important element that plays a big role in our domestic economy, he averred that the opportunities for social investing in Nigeria are great and the objective of getting over a hundred million hard-working men and women across the country in different fields of endeavour out of poverty is an indicator to the scope of those who are involved in economic activities.
The Minister who extolled the team, applauded them for their prompt response and presentation towards their objective on investment fund, he said this came at a time when the President is exploring all options to generate investment in the Country.
While speaking, Mrs. Maria Etemore Glover, CEO, Impact Investors Foundation/Nigeria National Advisory Board for Impact Investing, informed the Minister that the National Advisory Board has a desire to build an ecosystem for strengthening the practice of Impact Investment which is a source of capital to fund the Sustainable Development Goals (SDG) financing gap and Social Development in Nigeria as Impact Investment is still at its early stage in Nigeria and has a prospect of attracting a colossal amount of investments being flooded into the country.
She continued that as of 2019, the total asset under management for impact capital deployed in Nigeria was significantly increased from its original amount, and believes more can be done. She continued that the National Advisory Board hopes to establish collaboration with partners from the supply side of capital as well as policy stakeholders to build this ecosystem by unlocking barriers and channel these capitals to where they are needed the most.
Also speaking, the Consultant Wholesale Impact Investment Fund (WIIF), Patrick Okigbo, introduced the “fund for funds”. This scheme is to pull funds together and invest in social enterprises that seek to solve social problems at the very grass root.This can drive financial returns and recharge the fund for other investments for the society.
He disclosed that the fund seeks to raise more fund and then re-invest through other intermediary impact. He emphasized that women’s business is getting preference and that the source of funds will be the government fund partners and other limited partners.
AMAJIOYI IFELUNWA ANN
SENIOR INFORMATION OFFICER
FOR: DIRECTOR INFORMATION (BEP)
