Stakeholders at the 2nd Gender Impact Investment Summit in Lagos State, Nigeria’s commercial nerve centre, have identified actionable strategies that are needed to enhance access to impact capital for women-led businesses in the country.
The summit, which was held on Wednesday, September 25, 2024, brought together stakeholders from various sectors to tackle the critical challenges faced by women entrepreneurs in securing financing and to drive impactful solutions that promote gender-inclusive investments. The summit was seen as a crucial step in addressing the gender financing gap in Nigeria, even as it showcased innovative models, and facilitated meaningful discussions, while accelerating progress towards a more inclusive and equitable investment landscape.
Dignitaries in attendance include the Honourable Minister of Women Affairs and Social Development, Barr Uju Kennedy-Ohanenye; Ibukun Awosika, the chairperson of the Nigerian National Advisory Board for Impact Investing; Oluwole Ajimisinmi, Executive Director, Lagos Directorate and Remedial Assets Management, Wema Bank; Feyisayo Alayande, Executive Secretary, Lagos State Employment Trust Fund, and Yemi Keri, Co-Founder, Rising Tide Africa.
Others were Dr Zimu Xu, Faculty, Bettany Centre for Entrepreneurship, Cranfield University, UK; Afolabi Oladele, chair, IIF; Etemore Glover, CEO, IIF: Oti LLentamhen, Alithea Capital; Ayodele Olojede, Wema Bank; Kingsley Nwachukwu, MasterCard Foundation; Habiba Alli, Sosai Renewables, Kaduna, among others
The 2nd Gender Impact Investment Summit concluded with a strong commitment from public and private sector stakeholders to advance actionable strategies aimed at improving access to impact capital for women-led businesses. The event’s success will be measured by the concrete actions and commitments that emerge from it, paving the way for sustained growth and empowerment of women-led enterprises in Nigeria
During the summit, the Honourable Minister of Women Affairs and Social Development, Barr Uju Kennedy-Ohanenye, emphasised the importance of breaking down the barriers that have hindered women-led businesses from accessing capital. She expressed the commitment of the President Bola Ahmed Tinubu’s administration to women empowerment.
Participants agreed on key strategies to address these challenges, including enhancing capacity building, overcoming legislative hurdles, and adopting gender-responsive investment practices.
In his welcome remarks, the chair, Impact Investors Foundation, Engr. Afolabi Oladele, called on investors to bridge the financing gap, fuel inclusive enterprises, and support entrepreneurs to create thriving businesses that can contribute to economic development.
“Let us transform our promise into progress, and our aspirations into tangible outcomes. Together, let us bridge the financing gap, fuel inclusive enterprises, and create a Nigeria where entrepreneurs can flourish and contribute meaningfully to our nation’s economic development,” Engr. Oladele said.
Some of the key proposed actions were to simplify application processes by reducing excessive documentation and using digital platforms, provision of mobile banking solutions, and automated systems to facilitate quicker approvals and disbursements of funds for women-led enterprises.
While delivering a call to action to key decision makers in the country, the CEO, Impact Investors Foundation (IIF), Etemore Glover, said the solutions proffered by speakers at the summit would open up greater opportunities for women entrepreneurs. She advocated for continuous dialogue and collaboration among all stakeholders to ensure that the strategies preferred are effectively implemented and sustained.
“This summit has been a significant step towards breaking down the barriers that limit access to capital for women-led businesses. The solutions discussed are critical to ensuring that women entrepreneurs thrive in Nigeria’s business landscape,” Glover said
The 2nd Gender Impact Investment Summit has set the stage for ongoing efforts to close the gender financing gap, create a roadmap for mainstreaming gender investment policy in Nigeria, and build a more inclusive investment ecosystem where women-led enterprises can thrive and significantly contribute to Nigeria’s economic growth.
The Impact Investors Foundation (IIF) engages and collaborates with key stakeholders, active in the impact investing space, to unlock private capital for social investments in Nigeria. IIF’s overarching goal is to promote the growth and excellence of impact investing in Nigeria. In the last 5 years, IIF has been playing a leading role in the impact investing ecosystem in Nigeria by convening stakeholders in government, private and social sectors to advance its growth.
In furtherance of its effort to accelerate the market potential, the IIF established the Nigerian National Advisory Board for Impact Investing (NABII). The role of the NABII is to design and implement national strategies, regulations and policies that address the barriers inhibiting the growth of impact investing while unlocking opportunities for more impactful investments.
