Investors, entrepreneurs and ecosystem builders in the Nigerian impact Investment ecosystem have highlighted the role government plays in unlocking capital for Micro Small and Medium Enterprises (MSMEs).
The stakeholders also emphasised the need for policies and regulatory support of government as critical bridge in unlocking capital for MSMEs.
These were the position of stakeholders on Tuesday at the recent High-Level Roundtable and pre-event of the 2025 Africa Impact Summit Study Tour to Nigeria convened by the Impact Investors Foundation (IIF), Impact Investing Ghana, GSG Impact, Alitheia Capital and Kuramo Capital at Four Points by Sheraton, Victoria Island
Delivering his remarks at the event, Emeka Vitalis, former permanent secretary of the Federal Ministry of Budget and Economic Planning and current permanent secretary of the Ministry of Petroleum Resources, underscored the government’s commitment to fostering economic growth. “The vision of this Study Tour is a testament to Africa being a hub for sustainable development,” he said.
The Fireside Chat featured an engaging conversation between two global voices in the impact investing movement: Elizabeth Boggs Davidsen, CEO of GSG Impact, and Ibukun Awosika, chair of GSG Nigeria Partner and Vice Chair of GSG Impact.
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 detailed GSG Impact’s mission: to strengthen national partner networks in Africa and Asia, support the development of strong secretariats, design innovative policy tools, catalyse investment vehicles, and crowd in private capital to advance inclusive economies.
The discussion also spotlighted Africa’s vital role in sustainable development, with Davidsen affirming GSG Impact’s commitment to fostering partnerships across the continent and advocating for impact economies that prioritise people and planet alongside profit.
A dynamic panel moderated by Atieno Otonglo, market development manager at GSG Impact, featured leaders from Nigeria’s impact investing ecosystem: Tosin Ojo, Sahel Capital, Oguche Agudah, CEO, PenOp; Kudzayi Hove, CEO, Amayi Foods; and Labi Williams, partner, Kuramo Capital). They explored how impact capital can drive growth across diverse sectors and discussed the Nigeria Wholesale Impact Investment Fund (WIIF), which uses its innovative “ABC” model to Accelerate, Bridge, and Co-Invest, 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.
Ojo posed a crucial question: “How do we generate returns in the face of the risks we face in the environment? We need catalytic capital to de-risk investment. How do we collaborate to generate the outcomes we want to see in impact investment?”
Regulatory progress was also lauded, with the SEC’s crowdfunding policy cited as a game changer for SME financing, a model that enables private sector participation and inclusive growth. Panellists praised Nigeria’s early adoption of the ISSB framework for standardized impact measurement, positioning the country as a leader in impact transparency that other African markets can emulate.
As the session drew to a close, panellists called for deeper collaboration between investors, regulators, and intermediaries to build an ecosystem that is both investor-friendly and impact-driven.
During the roundtable, Adesuwa Okunbo Rhodes, CEO of Aruwa Capital, 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.
The event also featured Impact Fund Showcases by Danladi Verheijen of Verod Capital and Yewande Adewusi of Alitheia Capital, further reinforcing the momentum and opportunities for impact investing in Nigeria.
The Study Tour featured a tour of impactful businesses in the country, including AfyA Care, which invests in healthcare assets with a vision to make healthcare accessible and affordable; Salpha Energy, a company addressing the huge market need for renewable energy and SKLD, a technology-enabled manufacturing and sourcing solutions company.
