Business
FG Strengthens Partnership with Impact Investors to Drive Nigeria’s Economic Transformation
Joel Ajayi
The Federal Government of Nigeria has reaffirmed its commitment to fostering sustainable economic growth through a landmark $50 million investment in the *Nigeria Wholesale Impact Investment Fund (WIIF), anchoring the fund’s first close at $100 million. This strategic initiative supports President Bola Ahmed Tinubu’s vision of achieving 7% annual economic growth, with a focus on critical sectors including agriculture, infrastructure, and digital innovation.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today hosted a high-level delegation comprising leadership from the Impact Investors Foundation (IIF), the Global Steering Group (GSG) for Impact Investment, and key private-sector stakeholders. The meeting, attended by Mrs. Ibukun Awosika (Chairman, IIF/GSG), Mr. Wale Adeosun (CEO, Kuramo Capital), Ms. Sanyade Okoli (Special Adviser to the President on Finance & Economy), and Mrs. Lydia Shehu Jafiya (Permanent Secretary, Federal Ministry of Finance), underscored the government’s resolve to leverage impact investment as a catalyst for job creation and poverty alleviation.
During the session, stakeholders reviewed the operational framework for the WIIF and agreed on actionable next steps, including structured engagement with the Development Bank of Nigeria (DBN) to finalise the fund’s drawdown schedule. Further discussions will explore innovative financing mechanisms, including government guarantees, to enhance private-sector participation. Additionally, the WIIF will be strategically aligned with the African Development Bank (AfDB)-supported Youth Entrepreneurship Bank to amplify opportunities for young entrepreneurs.
The Honourable Minister of Finance commended the collaborative efforts, stating:
“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 initiative is projected to unlock significant financing for micro, small, and medium enterprises (MSMEs) and generate millions of jobs across priority sectors.
www.finance.gov.ng
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit
By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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