Mr. Patrick Okigbo, the founder of a public policy advisory firm, has emphasized the need for an institutional framework to promote Inclusive Business (IB) strategies as a means to combat poverty in Nigeria. Speaking at a stakeholders’ roundtable on Inclusive Business Up-scaling in Abuja, Okigbo described IBs as enterprises that devise innovative, commercially-viable methods to engage low-income individuals, thereby enhancing their access to essential products and services.
Among his recommendations were the establishment of an inclusive business accreditation system, consistent monitoring of IBs, and urging governments to allocate a portion of their procurement budget to support businesses prioritizing the economically disadvantaged.
Mr. Markus Wauschkuhn, Cluster Coordinator and Head of Programme for SEDIN at the German Cooperation in Nigeria (GIZ), expressed concern over the rising poverty levels in the country but acknowledged the federal government’s efforts to address the issue. Wauschkuhn highlighted that scaling up the inclusive business approach could effectively mobilize private investment to tackle poverty.
“Today, inclusive businesses are globally recognized for their contributions to inclusive growth, sustainable development, innovation, climate sustainability, and women’s economic empowerment. A major challenge we face in Nigeria is the widespread poverty and declining access to basic social services. According to the Nigerian Bureau of Statistics (NBS), in 2020, 63% of Nigerians, representing over 130 million people, were considered multi-dimensionally poor, lacking access to essential social services and amenities. As of 2024, there is no indication that this number has decreased. While efforts are ongoing to address these challenges, adopting and scaling up the inclusive business model could significantly aid in mobilizing private investment to address these issues,” he stated.
Ms. Aisha Rimi, Executive Secretary of the Nigeria Investment Promotion Commission, remarked that the meeting was timely as it aimed to provide practical strategies for expanding Inclusive Business models in the country. Represented by Deputy Director Abayomi Salami, Rimi emphasized the importance of public awareness about the economic benefits of inclusive business approaches.
Mr. Blaise Ijebor, Director of the Risk Management Department at the Central Bank of Nigeria, noted that financial inclusion is one of the bank’s core values, citing the ‘SabiMONI’ initiative aimed at enhancing financial literacy.
In his presentation, Yeshua Russel discussed how the Kaduna State Investment Promotion Agency (KADIPA) has utilized its inclusive business strategy to address poverty, unemployment, and gender and social inequalities.
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
