This report presents the findings of a high-level research effort to understand how impact investing has changed in Nigeria since 2019. It builds on the IIF’s 2019 study. This 2022 study seeks to understand the extent to which investor and enterprise experience, deal flow, and outlook have evolved since 2019 and propose key identified opportunities to address the issues identified. Note that this study is not meant to be exhaustive as it is meant to be followed up by a comprehensive study. This study is meant to provide an introduction into the changes since 2019.

This work uses a mixed methods approach. The findings were informed by 12 interviews (covering both supply and demand actors across Nigeria) and a deal database of 191 transactions developed by IIF and Research. The research was conducted in March 2022.