Lagos, Nigeria — Stakeholders across Africa’s impact investment landscape have called on the Nigerian government to play a more decisive role in unlocking capital for the country’s micro, small, and medium enterprises (MSMEs), emphasising that policy reform and implementation are critical to driving economic resilience and inclusive growth.
This call was made during a high-level roundtable held in Lagos on Monday, ahead of the 2025 Africa Impact Summit Study Tour in Nigeria. The event brought together top policymakers, global investors, and ecosystem leaders under the joint convening of Impact Investors Foundation, Impact Investing Ghana, GSG Impact, Alitheia Capital, and Kuramo Capital.
The discussions underscored the untapped potential of Nigeria’s estimated 40 million MSMEs, which continue to face significant barriers to finance due to regulatory and structural challenges.
Government’s Role: From Policy to Action
In his keynote address, Dr. Emeka Obi, former Permanent Secretary of the Federal Ministry of Budget and Economic Planning and current Permanent Secretary of the Ministry of Petroleum Resources, reaffirmed the government’s commitment to enabling sustainable development through effective leadership and policy.
“This tour signals that Africa is central to the future of sustainable development,” Obi said. “The conversations we’re having are timely and necessary. Nigeria is resilient and resource-rich, but we must adopt policy frameworks that don’t just exist on paper but create generational impact through implementation.”
He praised the event as a rare convergence of global capital, local entrepreneurial talent, and public sector leadership, creating fertile ground for co-creating meaningful solutions.
Global Vision Meets Local Realities
The event’s Fireside Chat featured Elizabeth Boggs Davidsen, CEO of GSG Impact, and Mrs. Ibukun Awosika, Chair of GSG Nigeria Partner and Vice Chair of GSG Impact. Both leaders called for stronger collaboration, practical policy tools, and innovative financing vehicles tailored to African markets.
“My mission is to strengthen the global network and unlock capital where it’s most needed,” Davidsen stated. “We’re building the capacity of national chapters, advocating for policy tools, and spotlighting locally developed investment structures so global capital can flow into them.”
Awosika reinforced the need for homegrown solutions.
“We must build from within,” she said. “Nigeria and Ghana have led by example with initiatives like the West African Deal Summit and the deal platform that connects local businesses to global investors. Real impact will come when we craft models that reflect our realities and needs.”
Local Capital, De-Risking, and Returns
A critical panel session moderated by Ms. Atieno Otonglo (Market Development Manager, GSG Impact) brought together frontline voices from Nigeria’s impact investing ecosystem. Speakers included Ms. Tosin Ojo (Sahel Capital), Mr. Oguche Agudah (CEO, PENOP), Ms. Kudzayi Hove (CEO, Amayi Foods), and Mr. Labi Williams (Partner, Kuramo Capital).
The panel highlighted the persistent financing gap for MSMEs and called for greater mobilisation of local capital, especially from the private sector.
“How do we drive returns in a high-risk environment?” asked Ojo. “We need catalytic capital to de-risk impact funds. Collaboration is key if we’re to deliver meaningful social and financial outcomes.”
Panellists applauded recent regulatory milestones, particularly the Securities and Exchange Commission’s (SEC) crowdfunding policy, describing it as a turning point for SME financing. Nigeria was also commended for being one of the first African countries to adopt the ISSB framework for impact transparency — setting a standard for measurable and accountable investments across the continent.
From Dialogue to Demonstration: Real-World Impact
The roundtable featured Impact Fund Showcases by Danladi Verheijen (Verod Capital) and Yewande Adewusi (Alitheia Capital), demonstrating viable pathways for scaling impact through local fund structures.
Participants later visited high-impact Nigerian enterprises, including:
-
AfyA Care: A healthcare investor working to make quality medical services accessible and affordable.
-
Salpha Energy: A renewable energy provider focused on closing Nigeria’s energy access gap.
-
SKLD: A tech-enabled manufacturing and sourcing company delivering innovative industrial solutions.
Conclusion: A Call for Co-Creation
As the summit concluded, a unified message emerged: for Nigeria’s MSMEs to thrive and for the country to realise its economic potential, government policy must catalyse private investment, local solutions must be prioritised, and impact must be measurable and intentional.
By bridging global capital with African ingenuity, stakeholders believe that Nigeria can lead the charge in building a sustainable, inclusive, and resilient economy that serves both people and planet.
