Despite an estimated $1.16 trillion in global impact investment, much of this capital remains out of reach for Small and Medium-sized Enterprises (SMEs) in Nigeria and Ghana, largely due to structural challenges and low investment readiness. This gap in accessibility has prompted calls from industry leaders for stronger institutional support and strategic reforms to enable local businesses to benefit from this vast funding opportunity.
These issues took center stage during a High-Level Roundtable in Lagos, held as part of the 2025 Africa Impact Summit Study Tour. The event was hosted by the Impact Investors Foundation Nigeria (IIF) and brought together regional and international stakeholders to examine investment trends, regulatory frameworks, and mechanisms for building a more robust impact investment ecosystem across Africa.
Key Barriers: Transparency and Investment Readiness
Experts at the roundtable identified the lack of investment-ready SMEs, financial opacity, and non-compliance with global standards—such as the International Financial Reporting Standards (IFRS)—as major impediments preventing African enterprises from tapping into international impact capital.
According to Ms. Etemore Glover, Chief Executive Officer of IIF, the path forward demands urgent capacity-building.
“By 2030, IFRS compliance will become mandatory. It’s no longer a matter of choice. Enterprise support providers must start equipping local businesses to meet this standard now,” she emphasized.
Ms. Glover also pointed to domestic pension funds as a viable, untapped source of long-term capital that could be harnessed to fuel SME growth.
“Pension funds hold immense potential. If properly directed, they could redefine the financing landscape for Nigerian SMEs and stimulate inclusive, sustainable development.”
Unlocking Rural and Inclusive Growth
Adding to the discussion, Ms. Tenemba Anna Samaké, Chief Executive of MBC Africa and founder of Subiz Cooperative Credit Union, stressed the importance of enhancing financial inclusion and capacity at the grassroots level.
She called for efforts to empower local financial institutions, foster innovation, and unlock new capital sources—especially in rural economies where traditional finance systems often fail to reach.
Global Support for African Impact Ecosystems
In a fireside conversation, Elizabeth Boggs Davidsen, Chief Executive of GSG Impact, highlighted international support for ecosystem development across the continent. She revealed that GSG, with support from the Japanese government, is building impact investment frameworks in six African countries: Ghana, Côte d’Ivoire, Senegal, Ethiopia, Zambia, and Burkina Faso.
“Our aim is to dismantle the barriers that hinder impact investing and build inclusive financial systems that empower SMEs to thrive,” Davidsen stated.
She affirmed GSG’s commitment to working with Nigeria and other national partners to establish the infrastructure and incentives necessary to mobilize capital toward critical sectors.
Pushing the Boundaries of Investment Innovation
Ms. Atieno Otonglo, Market Development Manager at GSG Impact, stressed the urgency of mobilising large-scale capital to meet Africa’s development goals. She advocated for more innovative investment structures and regional cooperation to scale progress.
Similarly, Mrs. Ibukun Awosika, Vice Chair of GSG and a key advocate of entrepreneurial development in Nigeria, called on support organisations to embrace alternative financing models.
“We must go beyond traditional mechanisms. Achieving real, sustainable impact requires bold and creative financial solutions that attract a wider spectrum of investors committed to change,” she said.
Establishing Standards for Growth
Mr. Frank Aigbogun, Chairman of the IIF Board of Trustees, underscored the importance of a standardised framework for measuring impact as a prerequisite for scaling investment across the continent.
Throughout the roundtable, experts consistently emphasised the need for transparency, data-driven impact measurement, and blended finance models to unlock Africa’s full potential in the global impact economy.
Towards the 2025 Africa Impact Summit
The insights from the Lagos roundtable set the stage for the 2025 Africa Impact Summit, scheduled for June 11–13 at the Kempinski Hotel in Accra, Ghana. With the theme “Transforming Systems: Redefining Impact for Real Change in Africa,” the summit aims to accelerate collaboration among national partners and shape the future of impact investing across the continent.
Organised by Impact Investing Ghana, Impact Investors Foundation Nigeria, and the Africa Impact Investing Group, the summit will gather representatives from ten African countries, including Nigeria, Ghana, South Africa, Kenya, Egypt, Senegal, and Côte d’Ivoire, under the banner of GSG Impact.
The upcoming summit is expected to catalyse continental progress by reinforcing partnerships, enhancing policy alignment, and exploring innovative pathways to channel capital where it is most needed—for the benefit of people, planet, and profit alike.
