Nigeria’s micro, small, and medium enterprises (MSMEs) remain the heartbeat of the economy, powering innovation, creating jobs, and driving inclusive growth across communities. Yet, for millions of entrepreneurs, particularly women, young people, and persons with disabilities, access to inclusive finance and supportive policy environments remains an ongoing challenge.
Recognising the need to deepen and sustain reforms that promote inclusion within the MSME ecosystem, key ecosystem players came together on Thursday, 23rd October 2025, for the Inauguration of the Impact Advisory Group (IAG) and the First National Roundtable on MSME Financing, themed “Sustaining Impact; Achieving ₦3 Trillion Inclusive Financing Options for MSMEs in Nigeria.”
The event brought together policy leaders, financial institutions, impact organisations, and development partners to discuss pathways for scaling inclusive access to finance, a critical step towards unlocking Nigeria’s ₦3 trillion MSME financing opportunity.
A New Platform for Sustained Reform
The Impact Advisory Group (IAG) is a multi-stakeholder technical support mechanism designed to provide the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) with advisory support in the delivery of its priorities and mandate.
The IAG was jointly inaugurated by SMEDAN and the British Council in recognition of the need to sustain the progress achieved through several technical assistance interventions designed to improve the enabling environment for MSMEs, particularly the British Council implemented Investment Climate Reform (ICR) Facility which came to a close in October 2025.
Over the years, support delivered through the ICR Facility has generated important policy tools and actionable recommendations, particularly around enhancing access to finance for women-led MSMEs and coordinating the implementation of the National MSME Policy. ICR has also delivered related interventions in the country that deepen inclusion for women and young people. Key interventions include the development of a national Inclusive Business Policy framework with the Nigeria Investment Promotion Commission, Accelerating Digital Trade for women with the Women Chamber of Commerce, Industry, Mines and Agriculture (WCCIMA), and Women’s Rights Advocacy Training for BPW Nigeria.
However, with the ICR programme coming to an end, there is a clear need for a sustainability mechanism to carry forward its outcomes. The IAG fills this gap. The scope of the IAG will include interventions on youth-led MSMEs, persons with disabilities (PWDs), and broader ecosystem development, ensuring inclusive and equitable growth across all marginalised enterprise segments
Who Makes Up the IAG?
The IAG is composed of six institutions:
Enhancing Financial Inclusion & Advancement (EFInA)
Octoville Development Company (Secretariat Host)
Sterling One Foundation
Impact Investors Foundation (IIF)
FATE Foundation
Africa Venture Philanthropy Alliance (AVPA)
Together, these organisations bring diverse expertise spanning finance, impact investing, entrepreneurship, research and social innovation, united by a shared commitment to advancing financial inclusion and MSME competitiveness across Nigeria.
The IAG’s Mandate and Focus
The IAG will operate in an advisory capacity to SMEDAN, complementing its statutory responsibilities while embedding sustainability, innovation, and inclusivity within the MSME development landscape.
Its focus areas include:
Knowledge Management: Curating a repository of reform tools, learning briefs, and best practices developed from prior programmes, interventions and studies.
Evidence Generation & Research: Leveraging and scaling findings from existing ICR and other donor-supported interventions. Supporting the development and mainstreaming of studies and diagnostic findings on inclusive access to finance, MSME competitiveness, and policy reform across women, youth, and PWDs.
Advocacy Support: Leading and supporting MSME-centric advocacy interventions with a goal of mainstreaming best practices by key demand and supply actors at both national and sub-national levels.
Policy & Strategy Advisory: Serving as a think-tank to SMEDAN, leveraging information on past interventions. Providing inputs into MSME policy frameworks and implementation plans from a technical, evidence-informed perspective.
Stakeholder Convening: Organising and supporting the organisation of roundtables, learning sessions, advocacy sessions and dialogues on inclusive MSME development priorities.
Funding Facilitation: With written SMEDAN approval, applying for technical assistance funding to implement activities under the annual co-approved work plan.
Driving Collaboration for a Stronger MSME Ecosystem
Reflecting on EFInA’s membership in the Impact Advisory Group, Chinasa Collins-Ogbuo, EFInA’s Advocacy and Communications Lead, highlighted the need for deeper partnerships to remove long-standing barriers faced by small businesses in accessing inclusive finance.
“A lot of small businesses have the ideas, energy, and urge to grow, but not the financial tools to make it happen,” she noted. “Too many nano and micro enterprises are left out because they lack formal credit histories or business records, and the system isn’t always built to serve them. Through the IAG, we see an opportunity to change that, to connect evidence, policy, and innovation in a way that truly unlocks growth for small businesses, especially for women who make up a large part of this segment.”
Her remarks reflect EFInA’s broader mission to close financial inclusion gaps and ensure that inclusion extends beyond banking, into the tools, products, and systems that empower entrepreneurs to build lasting businesses.
Donna Oti, representing the British Council, also underscored the importance of gender-inclusive reforms, describing women’s economic empowerment as a “critical driver of sustainable growth” and reaffirming the Council’s commitment to creating equitable business environments.
In his address, Mr Dabureje Onesi-Lawani, Director, Office of the Director-General, SMEDAN, emphasised the Agency’s efforts to strengthen MSME competitiveness through data-driven policy and collaboration. He noted that while SMEDAN had benefitted immensely from the ICR’s support, from the development of the National MSME Policy (2021–2025) to studies on access to finance for women-owned businesses, sustaining those outcomes is now the collective responsibility of all ecosystem actors.
“The collective effort that begins with the IAG’s launch represents a united drive to close the ₦3 trillion funding gap in Nigeria’s MSME ecosystem,” he said. “Everyone in this room has a role to play in that important process.”
Together, these perspectives reinforced a shared belief that Nigeria’s path to sustainable MSME growth lies in strong partnerships, coordinated action, and inclusive innovation that gives every entrepreneur, no matter their size, a fair chance to thrive.
Building on the Legacy of ICR
The IAG serves as a continuity platform for ICR’s achievements. By institutionalising collaboration between SMEDAN, development partners, and private sector actors, it ensures that inclusive reforms continue to thrive long after donor programmes conclude.
The signing of the Memorandum of Understanding (MoU) between SMEDAN and the IAG’s members symbolises this long-term commitment, establishing a clear governance structure, defined work plans, and a shared accountability framework.
The Secretariat, hosted by Octoville Development Company, will coordinate activities and ensure alignment with SMEDAN’s priorities, while all interventions will be guided by a joint SMEDAN-IAG Steering Committee.
EFInA’s Role in the IAG
As a member of the IAG, EFInA brings deep expertise in financial inclusion research, advocacy, and evidence-based policy engagement. EFInA will contribute to shaping frameworks that expand access to inclusive finance for MSMEs, particularly those led by women and underserved groups, in line with its mission to facilitate a market where diverse, affordable and secure digital financial services drive economic growth and make a difference in the lives of EVERY Nigerian.
EFInA’s participation underscores its continued commitment to advancing inclusive growth, strengthening MSME financing, and fostering partnerships that drive systemic change.
Looking Ahead
The inauguration of the IAG marks a defining moment in Nigeria’s journey towards inclusive MSME development. By combining the technical capacity of impact actors with the institutional leadership of SMEDAN, the IAG sets the stage for a more coordinated, inclusive, and evidence-driven MSME ecosystem.
Its establishment signals more than just continuity; it represents a collective determination to ensure that the gains from past interventions translate into lasting, scalable impact for entrepreneurs across Nigeria.
Through sustained collaboration, knowledge sharing, and innovation, the IAG stands as a testament to what’s possible when purpose-driven organisations unite behind a shared vision: a stronger, more inclusive, and more resilient MSME sector for Nigeria.
