Nigeria’s small businesses need more than access to loans and investment. They also need experienced financial professionals capable of identifying promising enterprises, managing investment funds and directing capital towards businesses with the potential to create jobs and strengthen the economy. This is the challenge Kuramo Capital Management is seeking to address through a new initiative designed to develop Nigeria’s next generation of small and medium-sized enterprise (SME) fund managers.
Through the Nigeria Wholesale Impact Investment Fund (WIIF) SME Fund Accelerator, Kuramo is focusing on an important but often overlooked part of the financing ecosystem: the people responsible for managing investment capital and ensuring it reaches businesses that need it.
The initiative aims to strengthen locally led investment funds, improve professional fund management and build a stronger pipeline of institutional investors supporting Nigerian SMEs.
Small businesses remain central to Nigeria’s economic development, contributing significantly to employment, entrepreneurship and economic activity. However, access to affordable and appropriate financing continues to limit their growth.
Many SMEs struggle to secure funding because they lack sufficient collateral, formal financial records or the operating history required by traditional lenders. Equity investment can provide an alternative, but Nigeria also faces a shortage of experienced local fund managers capable of raising and deploying institutional capital into smaller businesses.
According to the WIIF programme, Nigeria has approximately 40 million micro, small and medium-sized enterprises, which contribute nearly half of the country’s GDP and account for about 84% of employment. The programme also identifies an estimated $32.2 billion financing gap for these businesses.
Kuramo’s approach recognises that solving this problem requires more than increasing the amount of available capital. It requires building stronger investment institutions that can identify viable businesses, evaluate risks and manage funds responsibly.
The WIIF SME Fund Accelerator is a 16-week capacity-building programme designed for 20 first-time and emerging SME and impact fund managers across Nigeria’s six geopolitical zones.
Implemented by the Kuramo Foundation for Sustainable Development, in collaboration with Kuramo Capital Management and the Impact Investors Foundation, the programme provides structured training, mentorship, technical assistance and opportunities to connect with institutional investors.
Its curriculum covers the complete investment fund lifecycle, beginning with fund formation and extending to fundraising, investment management, operations and eventual exits.
Participants receive training in legal and regulatory requirements, governance structures, investment strategy, limited partner relationships, portfolio management, environmental, social and governance considerations, and financial reporting.
The programme also includes practical investment exercises, mock pitches and a final demonstration day where participants can present their fund strategies to potential investors and industry stakeholders.
Rather than offering generic business education, the accelerator is designed to address the specific operational and institutional weaknesses that prevent emerging fund managers from attracting investment.
One of the programme’s central objectives is to make Nigerian fund managers more attractive to institutional investors.
Institutional investors, including pension funds, development finance institutions and other large capital providers, typically require strong governance, credible investment strategies, transparent reporting and evidence of responsible capital management before committing funds.
For first-time fund managers, meeting these requirements can be difficult without an established investment track record.
Kuramo seeks to bridge this gap through technical support, mentorship and access to investor networks. The programme is also designed to encourage greater participation from women, with a minimum female representation target of 30%.
Its selection priorities include funds investing in agriculture, healthcare, digital financial services, renewable energy, education, the creative economy and climate-related opportunities.
These sectors reflect areas where additional investment could support job creation, improve essential services and strengthen economic
The accelerator forms part of the broader Nigeria Wholesale Impact Investment Fund, a proposed ₦1.5 trillion, approximately $1 billion, blended-finance fund-of-funds managed by Kuramo Capital and established by the Impact Investors Foundation and the National Advisory Board on Impact Investing.
The wider fund is designed to support between eight and 12 SME fund managers across Nigeria’s six geopolitical zones.
Its strategy is to invest through selected fund managers rather than finance individual businesses exclusively through direct investments. This structure allows capital to reach different industries and regions through specialised investment professionals.
Kuramo’s ABCD framework provides the foundation for this approach: Accelerate emerging managers through training, Bridge their financing challenges, Catalyse investment through the wider fund-of-funds and Deepen their institutional capabilities through shared operational support.
Importantly, completing the accelerator does not guarantee funding. However, participating funds may be considered for the WIIF pipeline and potential seed or working-capital support through the programme’s broader financing structure.
Kuramo’s strategy highlights an important lesson for Nigeria’s investment ecosystem: capital alone cannot solve the SME financing problem without institutions capable of managing it effectively.
Developing local fund managers could improve investment decisions, strengthen accountability and create more reliable channels through which institutional capital reaches smaller businesses.
For Nigerian SMEs, the potential benefits extend beyond access to funding. Better-managed investment funds could provide businesses with long-term growth capital, strategic guidance and stronger financial discipline.
The success of the initiative will depend on whether trained fund managers can translate their knowledge into sustainable investment vehicles, attract institutional commitments and generate measurable returns and economic impact.
If successful, Kuramo’s effort could help establish a stronger generation of Nigerian investment professionals and make SME financing a more organised and sustainable part of the country’s financial system.
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