How Kuramo wants to train Nigeria’s next generation of SME fund managers

The Wholesale Impact Investment Fund (WIIF), a naira-denominated fund aiming for $1 billion, is currently training the fund managers it may eventually back. The Kuramo Foundation for Sustainable Development initiated the WIIF SME Fund Accelerator in Lagos on October 30, admitting 22 first-time and emerging managers from 84 applicants across all six Nigerian geopolitical zones.

Kuramo Capital Management manages the vehicle, which is seeking to close at $100 million. The fund aims to address the unmet financing need of $32.2 billion among Nigeria's 39.7 million micro, small, and medium enterprises. Despite the existence of early private equity managers like Verod and CardinalStone, a new generation of small business fund managers has yet to emerge.

The Federal Ministry of Finance announced $50 million in funding for the vehicle in June 2025, and the fund is seeking domestic pension funds and local development finance institutions as early institutional backers. The accelerator program lasts 12 weeks, covering investment theses, financial modeling, fundraising, pipeline development, legal structuring, and exit strategies.

WIIF is a fund of funds, deploying capital into intermediary vehicles that finance small businesses rather than investing directly in them. The program is designed to build a pipeline of opportunities and identify investment-ready fund managers.