Norfund is launching a new $60 million investment in a Nigerian venture fund that will use technology to make services more accessible to ordinary people. “There is an enormous need for risk capital that supports job creation,” says State Secretary Andreas Kravik, who is visiting Lagos for the signing.
Nigeria has 242 million inhabitants, nearly 3 percent of the world’s population. Despite its considerable potential, 2025 proved a drought year for venture capital in Nigeria.
“When private capital pulls back, long-term investors like Norfund become more important. They bear risk, keep the ecosystem alive, and show up for entrepreneurs delivering scalable solutions where capital is scarce,”
Andreas Kravik
State Secretary
Ventures Platform has local knowledge and close ties with entrepreneurs, allowing it to invest earlier than would be appropriate for Norfund to do directly. As the fund builds companies from early-stage idea to mature business, it strengthens the broader ecosystem in West Africa. It also creates new companies that Norfund can invest in directly at a later stage.
OmniRetail is a prime example. The company connects manufacturers, distributors, and small retailers on a single digital platform, streamlining the supply chain and offering cheaper credit to shop owners. Ventures Platform was one of its earliest investors. As the company matured, Norfund invested $77 million in growth capital last year. OmniRetail has since topped the Financial Times list of Africa’s fastest-growing companies for three consecutive years.
“Nigeria has an extraordinarily vibrant entrepreneurial scene that has produced many unicorns. Yet surprisingly little risk capital finds its way to the country,” says Kravik.
“Work for all is job one”
With a median age of 18, Nigeria sends 1.7 million graduates into the labor market every year. The problem is that jobs are not keeping pace. More than 93 percent of employment is in the informal sector, characterized by precarity, low income, and few rights. “Scaling small businesses is essential for the job creation that is so urgently needed, and fund investments are a critical way to reach them,” says Nahom Yemane, Investment Manager at Norfund and project lead for the investment.
Norfund’s 2025 development impact figures show that of a total of 29,100 new jobs created in companies Norfund has invested in, 16,300 were generated by companies held through funds.
“Work for all is job one, including in development policy. When small and medium-sized enterprises grow, they hire people. Formal jobs mean wages, tax revenues, and ripple effects throughout local communities,” says Kravik.
