Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has called for a legal framework to support philanthropy and impact investing in Nigeria. He believes this will increase capital flow for development, create jobs, and reduce poverty. Kalu made this statement at a stakeholders’ lunch hosted by the Impact Investors Foundation (IIF) and the Nigeria Office for Philanthropy.
Kalu emphasized that enacting a law will mainstream philanthropy and impact investing into Nigeria’s financial structure, raising inflows to achieve development aspirations and improve living standards. He noted that global philanthropy and impact investing funds are estimated to be trillions of dollars, and creating the right policy environment and frameworks can attract more funding and drive meaningful change.
The Deputy Speaker expressed optimism that President Bola Ahmed Tinubu will assent to the bill when the time comes, as he is committed to creating jobs and reducing unemployment. Kalu reaffirmed the parliament’s commitment to national growth and development.
The event had attendees from various organizations, including the Chairperson of the Nigeria Philanthropy Office, Thelma Olu-solanke; the CEO of Impact Investment Foundation, Etemore Glover; and the Indian High Commissioner to Nigeria, Mr. Shri G. Balasubramanian. They all emphasized the importance of a comprehensive national policy framework for philanthropy and impact investing to address systemic issues and promote innovative financial vehicles.
The Indian High Commissioner shared India’s experience with legislations like the India Companies Act, which has made impact investments and philanthropy easier. He explained that the Act requires companies to allocate 2% of their profits to social impact budgets, which can be utilized for various social causes.
The event highlighted the need for a legal framework to support philanthropy and impact investing in Nigeria, and the potential for attracting global funds to drive development and improve living standards.