The impact investing landscape in Nigeria is set to gain traction with the planned move by the Global Steering Group for Impact Investment (GSG) to induct the Nigerian National Advisory Board for Impact Investing (NABII) into the global network of national and regional advisory boards.
In January 2022, the Nigerian NABII will be inducted by the GSG, a UK-based independent organization catalyzing impact investment and entrepreneurship to benefit society and the environment. According to a statement, this was made known recently in a congratulatory email to the inaugural chairperson of the Nigerian NABII, Ibukun Awosika by the GSG Chief Executive Officer, Cliff Prior.
Speaking about the invitation to join the GSG, Cliff Prior in the statement said that they are very impressed with the development of the Nigerian NABII, the breadth and diversity of membership, and its compliance with the GSG process.
“I am delighted to inform you that the Board has invited the Nigerian National Advisory Board to join the Global Steering Group for Impact Investment. We are all very impressed with the development of your National Advisory Board, the breadth and diversity of your membership, and your compliance with the GSG process. Your priorities are clear, and we are sure that you will make great strides in Nigeria, and with the shared learning of GSG members around the world.”
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The GSG has 33 member countries including the EU. The induction of the Nigerian NABII will make Nigeria the newest country to be enlisted in the global movement of national advisory boards. The Nigerian NABII is the leading national body established to strengthen the Impact Investment market in Nigeria. Its main purpose is to build a dynamic ecosystem for impact investment in Nigeria that delivers measurable and improved outcomes at scale for society, the environment, and the economy while increasing equitable access to capital. The 15-member board governing body has a three-tiered structure that comprises four working groups, and the secretariat at the Impact Investors’ Foundation, a non-profit organization that engages and collaborates with key stakeholders active in the impact investing space, to unlock capital for social investments in Nigeria.
The Projects lead at Impact Investors’ Foundation, Etemore Glover described the induction as a welcome development and indication of a steady growth of impact investing in Nigeria, the statement said. “The impact investment ecosystem in Nigeria is at its early stage and growing despite the prevailing challenges of near absence of the markets and investment motivators necessary for financial and profit-oriented investments. Nevertheless, Nigeria, like most other developing countries which are faced with dire social challenges such as high poverty rate, inequality and corruption, and environmental concerns such as climate change has huge potentials for impact investors and a viable breeding ground for enterprises that care about the triple bottom line.” Glover stressed.
It is pertinent to mention that induction of the Nigerian NABII into the global group of national advisory boards is coming on the heels of the appointment of it’s inaugural chairperson, Ibukun Awosika as a member of the G7 Impact Taskforce, coordinated by the Global Steering Group for Impact Investment.
