FG strengthens partnership with Affect Traders, confirms $50 million dedication WIIF
The Federal Authorities has introduced its renewed dedication to fostering sustainable {economic} progress by way of a $50 million funding within the Nigeria Wholesale Affect Funding Fund (WIIF), marking the primary shut of the fund at $100 million.
The announcement was made through the official X (previously Twitter) deal with of the Federal Ministry of Finance on Tuesday.
In accordance with the submit, the Minister of Finance and Coordinating Minister of the Economic system, Mr. Wale Edun, hosted a high-level delegation comprising leaders from the Affect Traders Basis (IIF), the World Steering Group (GSG) for Affect Funding, and key private-sector stakeholders.
The Ministry described the initiative as an illustration of the federal government’s agency dedication to fostering sustainable {economic} progress.
The assertion famous, “This strategic initiative helps President Bola Ahmed Tinubu’s imaginative and prescient of reaching 7% annual {economic} progress, with a give attention to crucial sectors together with agriculture, infrastructure, and digital innovation.”
In the course of the engagement, stakeholders reviewed the operational framework of the WIIF and agreed on actionable subsequent steps. These embody structured engagement with the Improvement {Bank} of Nigeria (DBN) to finalize the fund’s drawdown schedule. Discussions additionally lined revolutionary financing mechanisms—similar to authorities ensures—to reinforce private-sector participation.
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Moreover, the WIIF can be aligned with the African Improvement {Bank} (AfDB)-supported Youth Entrepreneurship {Bank} to broaden alternatives for younger entrepreneurs.
Commending the collaborative efforts, Mr. Edun acknowledged, “This partnership exemplifies the facility of public-private collaboration in advancing Nigeria’s {economic} priorities. We’re dedicated to making sure transparency, effectivity, and measurable impression in deploying these assets to profit all Nigerians.”
The initiative is anticipated to unlock substantial financing for micro, small, and medium enterprises (MSMEs) and generate thousands and thousands of jobs throughout precedence sectors.
The assembly was attended by notable stakeholders, together with Mrs. Ibukun Awosika (Chairman, IIF/GSG), Mr. Wale Adeosun (CEO, Kuramo Capital), Ms. Sanyade Okoli (Particular Adviser to the President on Finance & Economic system), and Mrs. Lydia Shehu Jafiya (Everlasting Secretary, Federal Ministry of Finance). The gathering bolstered the federal government’s resolve to leverage impression funding as a catalyst for job creation and poverty alleviation.
What you need to know
The Wholesale Affect Funding Fund—an initiative of the Affect Traders Basis (IIF) in partnership with Kuramo Capital Administration—has generated pleasure amongst Pension Fund Directors (PFAs). This government-backed funding car is designed to channel large-scale capital into {financial} intermediaries similar to improvement finance establishments, microfinance banks, and impact-focused fund managers, which in flip assist companies and tasks that ship measurable social and {economic} outcomes.
The structuring of the Nigeria Wholesale Affect Funding Fund started in November 2024 beneath the administration of Kuramo Capital Administration, with a primary shut of $100 million and a goal dimension of $1 billion.
