By Omodele Adigun and Henry Uche
The Minister for Budget and Economic Planning, Abubakar Bagudu, has identified catalytic capital as a compulsory instrument to reach out to a marginalised section of the populace.
According to him, “An investment that includes everyone is an absolute necessity for the society which is why President Bola Tinubu’s administration makes inclusivity and access to capital as one of the its 8-point agenda.”
Bagudu, who stated this Tuesday in Lagos at the 6th annual conference on impact investing with the theme: “Catalytic Capital for Inclusive Growth and Development’, organised by Impact Investors Foundation(IIF), noted that for people who are not able to participate in economic activities to make ends meet ,the Federal Government will partner with the IIF to deploy impact capital to enterprises that are capable of driving economic growth and creating jobs for Nigerians.
His words: “We have people who are not able to participate in economic activities and make ends meet. An investment that includes everyone makes sense and it is an absolute necessity for our society. One of the 8-point agenda of this administration is inclusivity and access to capital. We can support in that area to drive economic growth and job creation for all and the prosperity that we need in Nigerian society. We are ready to honour the commitment that was given and we are happy for the opportunity to work with people who are experienced to ensure that the funds invested to deliver results are returned so that they continue to serve the needs of the future generations.”
The keynote speaker, Nick Hurd, Chair of the Global Steering Group for Impact Investing (GSG), said Nigeria could demonstrate a model for inclusive growth through the $1billionn Wholesale Impact Investment Fund (WIIF).
The Nigerian government in May this year endorsed the $100 million first-close of the Nigerian WIIF as an alternative instrument for the effective implementation of public welfare and social schemes and committed to contribute 50% of the initial raise.
Hurd commended the continuity of President Bola Ahmed Tinubu’s government administration in driving the WIIF and impact investment initiatives, which were started by the erstwhile government while pledging the support of the GSG to the NABII.
“This conversation aligns with what is happening in the world. The reality is the government has to change. The private sector cannot sit behind its walls of privilege. Businesses have to demonstrate that they need to be more socially responsible,”
He added, “What could become possible with the WIIF is very critical to the country. Know that you are now plugged into the global system and we are completely on your side so you must own it.”