In a fresh move to tackle youth unemployment and strengthen small businesses, the federal government has committed $50 million to the newly- launched Nigeria Wholesale Impact Investment Fund (WIIF), designed to unlock financing for young entrepreneurs and micro, small, and medium enterprises (MSMEs).
The fund, which now stands at $100 million following this new investment, was officially unveiled on during a high-level meeting in Abuja hosted by the minister of finance and coordinating minister of the economy, Mr. Wale Edun.
The event brought together key stakeholders, including the Impact Investors Foundation (IIF), the Global Steering Group for Impact Investment (GSG), and various private-sector leaders, all focused on driving inclusive economic growth.
One of the initiative’s major features is its planned alignment with the African Development Bank (AfDB)-supported Youth Entrepreneurship Investment Bank, which is specifically structured to serve Nigeria’s growing youth population. The fund aims to provide not just capital, but also mentorship and an enabling ecosystem to fuel innovation and build sustainable enterprises.
Speaking at the event, Edun praised the collaborative effort, saying, “This partnership exemplifies the power of public-private collaboration in advancing Nigeria’s economic priorities. We are committed to ensuring transparency, efficiency, and measurable impact in deploying these resources to benefit all Nigerians.”
The WIIF is designed to serve as a critical bridge between public policy and private investment, with backing from institutions like the Development Bank of Nigeria (DBN). To further attract private-sector participation, the fund will employ innovative risk-sharing mechanisms, including government-backed guarantees.
The initiative is projected to unlock substantial financing for MSMEs across priority sectors, with the potential to generate millions of jobs and strengthen Nigeria’s push for inclusive and sustainable economic growth.
