The British Council, in partnership with the Small and Medium Enterprises Development Agency of Nigeria and supported by the Investment Climate Reform Facility, has launched the Impact Advisory Group, a multi-stakeholder platform aimed at sustaining inclusive business environment reforms and improving access to finance for Micro, Small, and Medium Enterprises across Nigeria.

In a statement on Monday, the inauguration, held alongside the National Roundtable on MSME Financing at the Lagos Continental Hotel, brought together policymakers, financial institutions, development partners, and private sector leaders to discuss strategies for unlocking inclusive financing opportunities for MSMEs.

Speaking at the event, the Country Director of the British Council, Donna McGowan, reaffirmed the Council’s commitment to supporting Nigeria’s reform ecosystem and fostering inclusive economic growth. She said the establishment of the IAG aligns with the Council’s mission to empower women and young people with the skills and opportunities needed to thrive as entrepreneurs.

“Women’s economic empowerment is a critical driver of sustainable growth. The shared vision of a more prosperous and peaceful world can only be achieved when women have access to the right opportunities and financial resources to grow their businesses,” McGowan stated.

Representing the Director-General of SMEDAN, Dabureje Onesi-Lawani, Director of the DG’s Office and Monitoring & Evaluation, commended the partnership with the British Council and ICR Facility, stressing that sustaining the impact of earlier initiatives was crucial. He urged all stakeholders to collaborate in closing the estimated N3tn funding gap within Nigeria’s MSME sector.

A key highlight of the event was the signing of a Memorandum of Understanding between SMEDAN and the IAG’s implementing partners, including EFInA, FATE Foundation, Sterling One Foundation, Africa Venture Philanthropy Alliance, Impact Investors Foundation, and Octoville Development Company.

Director of Programmes at the British Council, Chikodi Onyemerela, lauded the partners for their collective efforts, emphasising the need for sustained multi-sectoral collaboration to advance inclusive MSME financing in Nigeria.

Stakeholders at the event pledged to take actionable steps towards improving MSME access to finance, promoting gender-inclusive policies, and strengthening coordination among government agencies, development partners, and financial institutions.