Apodissi is committed to supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria and across Africa. With extensive experience in researching and innovating for MSMEs, the organisation understands the value and firmly believes in the transformative potential unlocked by MSMEs ushered through initiatives like the Sustainable Systems for Research and Innovation Financing (SSRF) Phase II Project.
Moderated by Joseph Ubek, Program Manager at IIF, On Tuesday, 2nd July 2024, Impact Investors Foundation (IIF) and the Nigerian National Advisory Board for Impact Investing, GSG Nigeria, launched the SSRF Phase II Project and Nigeria Enterprise Support Organisations (ESOs) Collaborative live and online in Lagos Nigeria. Funded by the Foreign and Commonwealth Development Office (FCDO) and Research and Innovation Systems in Africa (RISA).
Nick Hurd, Chairperson at GSG Nigeria, emphasised that GSG exists to accelerate the flow of capital and resources towards achieving the Sustainable Development Goals (SDGs) through global and national partnerships.
The Impact Investors Foundation aims to promote impact investment in Nigeria through policy advocacy, knowledge sharing, networking, and capacity building. Research by Impact Investment from 2005 to 2019 revealed that impact capital in Nigeria increased significantly, reaching $4.7 billion. Despite development finance institutions leading in capital deployment, there is a need to involve more private sector investors to have a resounding impact.
The SSRF Phase II Project focuses on supporting startups in raising funds, developing the Nigeria Wholesale Fund, creating a national database for enterprise support organisations, and establishing the Nigeria Impact Investing Research and Industry Collaborative (NIIRIC). The crucial impact area is driving innovation and growth in impact investing through efficient research and industry collaboration.
The objectives of RISA are to strengthen the research and innovation ecosystem. Creating a platform that helps both ecosystems to communicate, collaborate, and identify synergies that would allow for sustainability. To achieve its punctilious objectives, RISA is across six African countries: Nigeria, Ghana, Kenya, South Africa, Rwanda, and Ethiopia.
Micro, Small, and Medium Enterprises (MSMEs) are climactic in economic development. However, MSMEs in Nigeria and Ghana face significant challenges, particularly in accessing finance and markets. Charles Odii, Director General of the Small Medium Enterprise Development Agency of Nigeria (SMEDAN), highlighted that small businesses account for 50% of Nigeria’s GDP and provide approximately 60 million jobs. He noted a significant financing gap of about $32.2 billion for small businesses in Nigeria.
Mrs. Ibukun Awosika, Chairperson of GSG Nigeria Partner and Vice Chair of GSG mentioned that with the support of FCDO and RISA, an integrated network of enterprise support organisations, researchers, transaction advisors, business development professionals could bring together their best ideas and practices. The network would enhance local enterprises capacity, stimulate economic activities, and promote inclusive growth.
The GSG operates in 44 countries worldwide, focusing on Nigeria and Ghana. In closing, IIF urges businesses to sign up via Deal Source Africa to benefit from the program.
