The 2023 Annual Convening On Impact Investing, being organized by Impact Investors Foundation (IIF) with the support of the United Nations Development Programme (UNDP) and of the European Union (EU) is set to address the Sustainable Development Growth financing gaps in Nigeria estimated at $10 billion per year.
The Chief Executive Officer of Impact Investors Foundation, Ms. Etemore Glover, who stated this in a statement, also disclosed that the summit is set to be held from the 31st of October to the 1st of November 2023 under the theme: Catalytic Capital for Inclusive Growth and Development.
According to her, the two-day hybrid summit will offer a platform for deep discussions, insightful dialogues, and collaborative networking, focusing on leveraging catalytic capital as a potent tool to drive positive change for marginalised communities, women, youth, and underserved regions.
“This year’s theme underscores the importance of addressing Sustainable Development Growth financing gaps in Nigeria estimated at $10 billion per year,” she said, adding that in order to ensure that socioeconomic and environmental benefits reach marginalised and underserved people and communities in Nigeria, catalytic capital must be deployed to transform key sectors of the economy, drive positive change and generate more social impact without leaving anyone behind.
The convening will bring together an esteemed assembly of leaders, policymakers, regulators, fund managers, impact investors, local and global impact investment pioneers.
As part of the broader effort to mobilise catalytic capital for the transformation of Africa, this high-level event strengthens IIF’s commitment to taking action in mobilising and deploying catalytic capital in furtherance of the three-year Catalytic Capital Africa (2CAfrica) campaign launched at the 2023 West Africa Deal Summit held in Accra, Ghana on May 16-17, 2023.
Meanwhile, the Resident Representative, UNDP Nigeria, Mr. Mohamed Yahya, noted that Nigeria’s efforts to achieve the Sustainable Development Goals by 2030 had been hindered by factors including the climate crisis, declining revenue and other global and national shocks.
“To overcome these challenges and close the annual $10 billion SDG financing gap, sustainable financing models need to be developed urgently. “With only seven years left, it is crucial to enhance Nigeria’s capacity to mobilize resources and accelerate progress towards the SDGs,” he said.
According to Yahya, the Integrated National Financing Framework (INFF) holds the key to addressing constraints to development financing, while leveraging the full range of financing sources and helping to minimize financing mismatches in the planning and financing process: “Through support to the Government of Nigeria on the implementation of the INFF, the UNDP with financing support from the EU, are committed to supporting Nigeria mobilize the needed private and public resources (at both domestic and international levels) towards the actualization of Nigeria’s development priorities in a timely manner.”
Also commenting, Mr Ruben Alba Aguilera, Acting Head of Cooperation, EU Delegation to Nigeria and ECOWAS said: “Nigeria is bestowed with abundant natural and human resources and a great development potential, but it faces a number of economic, social, security and environmental obstacles that continue to challenge her progress. Overcoming these requires mobilisation of substantial capital from both public and private sources.”
Noting that SDGs funding needs were estimated at over 300 billion dollars before the pandemic, he stated that in a post-COVID-19 reality, more even needs to be done with less. He stressed that the need for a comprehensive framework to leverage both public and private finances has grown even more acute, adding: “This is why expanding Nigeria’s fiscal space through the INFF is timely. The European Union is a strong supporter of INFFs globally – a key tool for countries to achieve the SDGs and Paris Agreement and the EU has partnered with Nigeria as a front-runner of the INFF since 2020. We strongly believe in Nigeria’s capacity to transform its development landscape in a sustainable way.”
During the 2-day impact investment convening, participants will envision a powerful exchange of ideas and strategies that will pave the way for groundbreaking financial models towards creating opportunities, reducing inequalities, and enabling them to contribute to sustainable and equitable economic development in Nigeria.
At the event, the membership of the Nigerian National Advisory Board of Impact Investing (NABII), a cross-section of influential leaders who are united in purpose to grow impact investing in Nigeria, will be officially launched and opened to interested individuals and organisations in Nigeria.
This largest gathering of impact investing leaders in Nigeria will offer a unique platform for networking and knowledge sharing, engaging discussions and will feature deal rooms, an impact fund showcase, and an award ceremony, facilitating meaningful connections and impactful collaborations. The event will also feature an exclusive breakfast meeting hosted by Mrs Ibukun Awosika, the Chairperson of the Nigerian NABII.
The 2023 Annual Convening on Impact Investing would inspire investors with the resources to deploy concessionary capital and government officials to commit to developing policies that will bridge the financing gap and accelerate the achievement of the SDGs in Nigeria, creating a positive ripple effect throughout key sectors, especially the health, education, renewable energy and agriculture with cross-cutting gender lines.
IIF is also poised to celebrate winners of the prestigious 2023 Impact Investor Award of the Year, 2023 Social Enterprise Award of the Year and 2023 Innocent Chukwuma Award for Social Impact for delivering measurable social impact in Nigeria and West Africa at its Annual Dinner and Awards.
This year’s summit is organised by the Impact Investors Foundation (IIF) in partnership with the UNDP and EU, and supported by EHA Impact Ventures, Circular Economy Innovation Partnership (CEIP) and African Venture Philanthropy Alliance (AVPA).
As part of an intentional roadmap to the 2023 Annual Convening on Impact Investing, IIF would host an Institutional Investors’ Roundtable scheduled for September 7, 2023, as a prequel to the event, and a Gender Summit scheduled for November 15, 2023, as a sequel to the annual convening.