FG plans to raise $50m impact investment fund

Bisola David
Bisola David
FG plans to raise $50m impact investment fund

The minister of budget and economic planning, Abubakar Bagudu, has declared that the federal government is prepared to make its $100 million Wholesale Impact Investment Fund promise to Nigeria available.

According to The PUNCH, This was said by Bagudu at the sixth annual Convening on Impact Investing, which was held in Lagos on Tuesday and had as its theme Catalytic Capital for Inclusive Growth and Development.

The FG pledged in May 2023 to contribute $50 million, or 50% of the $100 million initial financing of Nigeria’s WIIG.

“There are hardworking men and women across our 36 states who are not looking for handouts,” Bagudu stated during his speech at the ceremony. Even if they are rising as early as 2:00 am to go to work, the payoff seems out of proportion to their efforts.”

“For many parts of the world, it is a new terrain, new investments, new coalitions, and new collaborations are being forged in order to develop the impact investment phase for the development of the world,” stated the chairperson of the Nigerian Advisory Board for Impact Investing, Ibukun Awosika, in her opening remarks.

“You have a lot of sleep to lose when you are a country the size of ours, with over 200 million people to take into account and several forecasts indicating that you will be the third largest nation by population in 2050. To accomplish what is necessary for our people, you must make use of every resource and platform at our disposal.”

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