PROGRAM
The Nigeria Wholesale Impact Investment Fund (WIIF)

Background
Nigeria’s Economic Challenges and the Role of Private Enterprises
Nigeria is grappling with severe socio-economic and political challenges, including sluggish economic growth, high inflation, currency devaluation, widespread unemployment, and persistent poverty. In addition, the Federal Government’s increasing reliance on borrowing to meet interest payments on existing loans has significantly reduced the funds available for investments that could stimulate economic growth.
While private enterprises should be the backbone of the Nigerian economy, they continue to struggle, with access to capital emerging as a critical impediment to their growth. Addressing this challenge is essential to unlocking the full potential of private enterprises, fostering sustainable economic development, and promoting wealth creation in the country.
The Financing Gap for MSMEs in Nigeria
The International Finance Corporation (IFC) estimates an annual financing gap of $331 billion for Micro, Small, and Medium Enterprises (MSMEs) across Africa. In Nigeria, despite their critical role in driving economic growth, MSMEs receive a disproportionately small share of total investment.
Nigeria’s 39.7 million MSMEs account for over 97% of businesses, employ 86% of the country’s workforce, and contribute approximately 46% to the nation’s GDP. However, they still face a significant funding shortfall, with an estimated financing gap of $32.2 billion, according to the IFC. This stark disparity highlights the urgent need for increased investment in MSMEs to enable them to reach their full potential and drive sustainable development.
Introducing the Nigeria Wholesale Impact Investment Fund (WIIF)
To tackle the persistent issue of inadequate capital for MSMEs in Nigeria, the Impact Investors Foundation (IIF) and the Nigerian National Advisory Board for Impact Investment (NABII) have proposed the establishment of the Nigeria Wholesale Impact Investment Fund (WIIF). This innovative financing mechanism is designed to support MSMEs while fostering a robust impact investment ecosystem in the country.
IIF and NABII collaborated closely with key stakeholders, including the EU/BMZ-funded GIZ Nigeria Competitiveness Project (NICOP), the Ford Foundation, Nextier, and the Federal Ministry of Budget and Economic Planning, to develop the WIIF framework.

About the Nigerian WIIF
The WIIF is a $1 billion financial vehicle aimed at delivering measurable positive impacts on both people and the planet by providing catalytic financing for MSMEs. Upon its full establishment, WIIF will function as a “fund of funds,” investing through intermediary impact funds while simultaneously acting as a “market builder” to enhance the impact investment ecosystem and improve MSMEs’ access to capital.
The initial fundraising target for WIIF is $100 million, with the Nigerian Government, through the Federal Ministry of Budget and Economic Planning, committed to investing $50 million as an anchor fund. This foundational investment aims to attract private investors to co-invest in WIIF. Importantly, the WIIF will be denominated in Naira to provide local currency capital, ensuring Nigerian SME-focused fund managers can access much-needed resources without the risks associated with foreign currency fluctuations.

Sector Focus and Investment Strategy
The WIIF will invest across diverse sectors to maximize its impact, including:
Health
Education
Agriculture
Renewable Energy
Consumer Goods
Finance
Creative Industries
This broad sectoral focus ensures that investments contribute to economic diversification and resilience while addressing pressing social and environmental challenges.
The Urgency of Naira-Denominated Impact Investments
While impact investment is gradually expanding in Nigeria, it remains largely unsuitable for MSMEs. The current investment landscape is dominated by dollar-denominated capital with a preference for larger-scale enterprises. Additionally, Development Finance Institutions (DFIs) account for over 85% of impact transactions, primarily offering debt financing with ticket sizes that are beyond the reach of most MSMEs.
This underscores the necessity of the WIIF, a fund specifically designed to provide naira-denominated investments for high-growth SMEs. By focusing on local currency funding, the WIIF mitigates exchange rate risks and enhances accessibility for smaller businesses that are integral to Nigeria’s economic prospe
The Nigerian WIIF Team
The WIIF will invest across diverse sectors to maximize its impact, including:

The WIIF is managed by Kuramo Capital Management Limited
The WIIF is managed by Kuramo Capital Management Limited
Kuramo Capital Management LLC was selected as the fund manager for the WIIF following a rigorous selection process review of several proposals and an oral interview by a panel of industry experts. For over a decade, Kuramo has focused on transforming the African Private Equity and Venture Capital industry to be more inclusive of local and indigenous African fund managers. The firm has supported and expanded the private investment landscape in sub-Saharan Africa by raising over $500 million and investing in new and emerging fund managers. This innovative and inclusive approach led to the creation of 15 new indigenous fund managers, which has, in turn, catalyzed $3.5 billion in impact capital.

KPMG Advisory as the Tax Consultant to the WIIF
KPMG Advisory as the Tax Consultant to the WIIF
KPMG’s possesses extensive experience in designing tax and regulatory advisory, compliance and management solutions. Along these lines, KPMG has delivered locally and globally direct and indirect tax projects for a number of clients in various industries and sectors of the economy including fund managers, NGOs, renewable energy, oil & gas, telecommunications, financial services, technology, government ministries, departments and agencies(MDAs). With its international network of offices across the globe, the international tax division of KPMG which comprises local and global specialists, is well positioned to serve as a single reference point for providing leading advice and solutions for the WIIF tax and regulatory strategy.

Nextier Capital Limited as the Impact Consultant to the WIIF
Nextier Capital Limited as the Impact Consultant to the WIIF
Nextier is a leading advisory firm that has contributed to pioneering wholesale impact investing work in Nigeria and executed extensive work on impact assessment. Nextier is a multi-competency firm that combines expertise and capabilities from various industries and business functions to deliver exceptional value to its clients. The firm's capabilities encompass policy research, programme design and implementation, business strategy development, financial advisory, and impact assessment. It primarily focuses on industry verticals, including public sector advisory, electricity, gas and energy transition, security, peace and development.

AELEX Partners as the Legal Counsel to the WIIF
AELEX Partners as the Legal Counsel to the WIIF
AELEX Partners was selected as the legal counsel to the WIIF following a rigorous selection process review of several proposals and an oral interview by a panel of industry experts. AELEX Partners Mergers & Acquisitons and Private Equity team have undertaken domestic and cross-border work for local and international companies, funds, institutional and private investors, private equity and venture capital firms, and multilateral finance institutions, among others. The firm's expertise covers domestic and international capital fundraising, efficient transaction structuring, share and asset acquisitions and divestments, joint ventures, corporate restructuring transactions, merger control and competition law.
The WIIF Investment Strategy
The WIIF’s investment strategy is centered around the ABC Framework, a three-pronged approach designed to foster sustainable impact and create a thriving impact investment ecosystem in Nigeria.
Accelerate
A dedicated program focused on providing institutionalized training through a structured curriculum, technical assistance and mentoring to 25 first-time fund managers in their developmental stage to build their capacity in structuring an impact fund and raising funds from investors. The accelerator will focus on capacity building, de-risking untested opportunities, investor readiness, organizational structure, etc for first-time fund managers.

Bridge
An innovative capital solution to provide concessional intervention / working capital to SME focused fund managers to expedite track record development and propel them toward a successful first close. By providing concessionary loans, the Bridge Program will enable fund managers to invest in high-potential MSMEs during the critical early stages of their fund development. This approach mitigates the challenges associated with raising initial capital and positions fund managers for long-term success.

Catalyze
The $100 million WIIF 1 (the first close) will anchor and catalyze over 50 geographically equitable fund managers in Nigeria. The fund will adopt a multi-manager and multi-asset class approach. The majority of the Catalyze capital will be allocated to funds that invest in social enterprises. These funds can be generalist impact funds or those with a specific focus on sectors such as agriculture, healthcare, education, financial inclusion, etc. By investing in these funds, the WIIF can leverage the expertise of experienced managers and diversify its portfolio.

Impact Target for the WIIF
Train over 25 first-time fund managers.
Invest in over 50 fund managers
Indirectly invest in over 1,000 SMEs
Create over 1,000,000 new jobs
Catalyze over $10 billion into the impact investing space of Nigeria
SDGs target – 1,2,3,4,5,7,8,9, & 10
Strategic partners








PROGRAMS
We are seeking to make impactful investments that benefit people in diverse sectors and geographies across Nigeria.
National Advisory Board for Impact Investing (NABII)
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Nigerian Impact Investing Research Industry Collaborative (NIIRIC)
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Enterprise Support Organisations (ESO) Collaborative
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
National Advisory Board for Impact Investing (NABII)
The National Advisory Board for Impact Investing (NABII) drives economic growth and improves…
Nigerian Impact Investing Research Industry Collaborative (NIIRIC)
The Nigerian Impact Investing Research and Industry Collaborative (NIIRIC) is an initiative under the aegis…
Enterprise Support Organisations (ESO) Collaborative
The Nigeria Enterprise Support Organizations (ESOs) Collaborative is a programme of the Impact Investors Foundation with support from the RISA Fund and UKAID.
Nigeria Wholesale Impact Investment Fund
The WIIF is a $1 billion innovative financial vehicle that seeks to achieve a measurable positive impact on the people and the planet by providing catalytic financing for micro, small and medium enterprises (MSMEs).
Deal Source Africa
Dealsourceafrica.co is a digital platform part of the Deal Source Africa comprehensive program. The platform enables investors to connect with businesses that meet their criteria and need funding.