For Nigeria to create a robust environment for social investment and inclusive business to flourish, there is the need for federal and state governments and private entities to build partnerships.
The Chairman, African Venture Philanthropy Alliance (AVPA), Mr. Yemi Cardoso, gave this advice in Lagos during a road show with the theme: Building robust policy for increased social investment & inclusive business.
Other countries for the three-country African policy road show organised by AVPA, in partnership with the inclusive Business Action Network (iBAN), are Ghana and Kenya.
The iBAN is a global initiative that supports the scaling and replication of inclusive business models.
The Nigerian edition of the road show, which held during the week, brought together about 111 leaders in public, private and social sectors, providing a platform to deliberate on the challenges faced in building a robust policy environment for increased social investment and inclusive business development.
Cardoso said it was also to understand and leverage learning from the success story of the Asian Venture Philanthropy Network (AVPN), a sister organisation for AVPA. AVPN’s systems and policy forums have become a successful framework.
The AVPA, he explained, is a non-profit, non-partisan, Pan-African network for social investors who are dedicated to deploying their financial, human and intellectual capital in a more strategic and disciplined manner to make social impact.
Cardoso said social investment is intended to deliver a positive social impact and a return on the original investment.
Inclusive business is a model of commercial activity that seeks profit by including low-income communities to actively participate in the value chain or offer services and products for the low-income population.
He said regulatory and policy frameworks that encourage adoption, foster growth and speed replication were key components to moving these new models of doing business and investing from the periphery to the mainstream.