By Merit Ibe
Stakeholders in the public and private sectors have drawn attention to the crucial roles of corporate philanthropy and impact investing in addressing Nigeria’s developmental challenges. They made this known at a webinar entitled: “Stimulating Corporate Philanthropy and Impact Investing for Job Creation in Nigeria.”
The event, hosted by the Nigeria Office for Philanthropy and Impact Investing (NPO) in collaboration with the Impact Investors Foundation (IIF) and Lagos Chamber of Commerce and Industry (LCCI), gathered industry leaders, policymakers and private sector to discuss strategies for leveraging philanthropy and impact investing to create jobs and promote sustainable development in Nigeria.
In her remarks, Chairperson, Nigeria Office for Philanthropy and Impact Investing (NPO), Thelma Ekiyor-Solanke, highlighted the importance of sharing best practices to drive positive societal change through corporate giving.
Drawing from his extensive experience, the keynote speaker, Otunba Bimbo Ashiru, who is the Chairman of Odua Investment Company, illustrated how Odua Investment Foundation is bridging creating a positive change through youth empowerment, healthcare and digital education for young children to equip them with the skills they need for the future.
He emphasised the need for more organisations that are on the sidelines of philanthropic investments to sufficiently engage their immediate and extended communities to address critical societal challenges.
Ashiru said: “Corporate philanthropy and impact investing have the potential of becoming a more integral and impactful instrument for building a more sustainable society. Both have the capacity to improve national productivity one investment at a time, but more importantly they can catalyse the long-term growth of the economy and job creation.”
President and Chairman of the Council, LCCI, Mr. Gabriel Idahosa, called for an alignment of corporates’ philanthropic endeavours with strategic business objectives and the needs of local communities, in order to drive economic growth and corporate profitability.
“We need the commitment of both public and private sectors to address the pressing issue of unemployment and empower our citizens with opportunities for more meaningful livelihoods.”
The CEO of Impact Investors Foundation, Ms. Etemore Glover, set the context for the discussion by emphasising the need for inclusive investment and development.
“Addressing these developmental issues demands investment and development that is inclusive, and this often extends beyond the capacity of governments to provide and achieve alone. This makes it necessary to leverage the contributions corporate philanthropy can make to investment and development in Nigeria,” Ms. Glover stated.
She further highlighted the strategic integration of philanthropy within the broader spectrum of impact capital, noting, “Philanthropy is one of the spectrums of impact capital, and when it is well blended into impact capital, it will yield better capital flows for Nigeria.”
In addition, a panel discussion featuring experts such as the Ms Odunayo Sanya, Executive Director, MTN Foundation; Mr Frank Aigbogun, Founder/CEO, Businessday; Dr Chinyere Almona, Director-General, LCCI; Ms. Ekiyor-Solanke and Ms. Glover underscored the importance of partnerships between the private sector, government and non-profit organisations to maximise the impact of philanthropic initiatives and investments.
They also highlighted the potential of innovative financing models that combine philanthropic funds with impact investments to create sustainable and scalable job creation programs.
The NPO and its partners are committed to promoting corporate philanthropy and impact investing to create a more inclusive and prosperous society for all.