Deputy Speaker of the House of Representatives Advocates Legislation for Philanthropy and Impact Investing in Nigeria
Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, is pushing for legislation to support philanthropy and impact investing in Nigeria, with the aim of boosting capital flow for development, creating jobs, and reducing poverty rates in the country.
Kalu made this call during a Stakeholders’ Lunch event in Abuja, where he emphasized the importance of enacting a law to integrate philanthropy and impact investing into Nigeria’s financial structure. The event was hosted by the Impact Investors Foundation (IIF) in collaboration with the Nigeria Office for Philanthropy and the Office of the Deputy Speaker of the House of Representatives.
The lunch was attended by key figures such as Thelma Olu-Solanke, the chairperson of the Nigeria Philanthropy Office, Etemore Glover, CEO of Impact Investment Foundation, and Mrs Ana Vinambres from GIZ, among others. Kalu highlighted the potential benefits of such legislation, including driving inclusive economic growth, attracting more funding, and promoting innovative financing solutions.
He expressed confidence that President Bola Tinubu would support the Bill when the time comes, as it aligns with the government’s efforts to create jobs and reduce unemployment rates. Kalu stressed the crucial role of philanthropy and impact investing in addressing Nigeria’s most pressing challenges, such as poverty, education, innovation, and environmental protection.
The head of projects at GIZ, Mrs Ana Vinambres, also emphasized the need for a comprehensive national policy framework to support philanthropy and impact investing in Nigeria. She highlighted the work of IIF and NPO in spearheading initiatives to promote policies that enable innovative financial vehicles and address systemic issues hindering sectoral growth.
The Indian high commissioner to Nigeria, Mr. Shri G. Balasubramanian, shared insights from India’s experience, where legislations like the India Companies Act have facilitated impact investments and philanthropy. He pointed out that such laws mandate corporate social responsibility contributions, which have significantly supported social impact initiatives in India.
Overall, the call for legislation to support philanthropy and impact investing in Nigeria reflects a growing recognition of the potential of these sectors to drive positive social and economic outcomes. With the commitment of key stakeholders and government officials like Hon. Benjamin Kalu, Nigeria could see significant progress in leveraging private capital for social investments and sustainable development.