Corporate Citizenship
Why businesses in Nigeria need to take sustainable finance seriously
Many people will have heard of the UN Sustainable Development Goals. But less well known is the concept of sustainability at the root of these goals. Sustainability has recently become a mantra, a philosophy of sorts.
The contemporary interest in sustainability can be traced to the 1987 Brundtland Commission report, Our Common Future. The commission had been set up to find ways for countries to meet their present economic objectives with less negative impact on the physical environment, society, and the ability of future generations to meet their needs. It first gave rise to the Millennium Development Goals, which have now been replaced by the global sustainable goals.
The literary meaning of sustainability simply suggests longevity or the ability to survive under counteracting pressures. While longevity or resilience are integral, they tend to project a somewhat narrow and limited view of sustainability.
The broader view underlines the value of environmental, social, and economic considerations in decision making. It’s directly linked to a quest for development that doesn’t inhibit or harm future generations. It recognises the nested inter-dependency between the economy, society and the environment.
In other words, the success of the economy is dependent on the viability of society. The success of society on the other hand is also linked to the viability of the natural environment. As such, without the environment there will be no society, and without society, there will be no economy. The three are interwoven.
Evidence suggests a positive relationship between sustainability practice and the global competitiveness of a country. This is very much at the heart of the sustainable goals.
Why sustainability is good for business
There’s significant evidence that sustainability is good for business. A recent study by Harvard and London business schools found that corporations that voluntarily adopt sustainability policies have better organisational processes. They thus perform better when compared to a matched sample of companies that adopted almost none of these policies.
It has also been found that if financial institutions
“integrate sustainability criteria in their risk assessment and decision making procedures, they will strengthen their financial soundness”.
Such institutions also
“improve systemic financial stability and contribute to a more ecologically sustainable, just and peaceful world”.
In sum, sustainability is a quest for effectiveness and efficiency. It’s first and foremost rooted in a commitment to reduce negative impacts and increase positive effects. Positive impacts include low carbon emission, fair employment practices, responsible product promotion and good corporate citizenship practices.
Corporate sustainability is therefore a form of self-regulation driven by the values and philosophy of a business.
But for a long time, Nigerian businesses have treated sustainability as a dispensable philanthropic option. The focus of most businesses has been on survival. As such, the pursuit of sustainability is seen as not necessarily good for business.
No longer an option for Nigeria
Nigerian businesses need to go beyond the piece meal approach of corporate social responsibility. There’s at least one green shoot that suggests this process might be underway.
The Nigerian government is committed to implementing a national sustainability roadmap for the financial sector. Backed by the United Nations Environment Programme Finance Initiative, it requires each member of Nigeria’s Financial Services Regulation Coordinating Committee to develop a sustainable development model. This model is for themselves – as organisations – and the industries they regulate.
The committee brings together all the regulatory agencies. These include banking, insurance, securities, pensions, commodities, taxation and fiscal policy sectors. These will be expected to address the integration of environmental and social risks in investment and lending decisions.
According to the UN programme, Nigeria is arguably the first country to adopt this approach to sustainable finance.
Nigeria, like most African countries, didn’t achieve many of the Millennium goals. This is due to poor governance and the inability of many governments to stimulate sustainable development. The sustainable goals present a new lease of life, which the government of President Buhari has committed to.
What should businesses in Nigeria do?
The full spectrum of the Nigerian financial regulatory community is on board. This means that all sources of finance in Nigeria – borrowings and investments – will soon be required to respect and reflect sustainability principles.
At the moment, the Central Bank of Nigeria expects most large projects to meet these requirements. Agriculture, power, and oil and gas are especially in focus. These projects will be required to demonstrate that they do not cause social and environmental harms, in addition to being profitable.
Banks have been mandated to develop robust social and environmental management systems to guide their lending and investment decisions. In practice, the banks are expected to adopt social and environmental management systems similar to those found in the UK and the Global Alliance for Banking on Values.
Very soon, the sustainable finance approach could be extended to all projects, no matter how small. Finance is the lifeblood of any business. There’s a global appetite to incorporate environmental, social and governance risks in lending and investment decisions.
As long as Nigerian businesses want to thrive locally and globally, they cannot escape the current demands of sustainability. The earlier they understand and embrace it, the better for them.
Source:bizcommunity
Corporate Citizenship
Huawei 2024 ‘Seed for Future’ Programme Kicks off in Kenyan Tertiary Institutions
Huawei Kenya has rolled out its “Seed for Future” program for the year 2024 in collaboration with leading universities and TVET institutions in Kenya. The initiative, which is Huawei’s globally-recognized Corporate Social Responsibility (CSR) flagship program, aims to cultivate talent and foster innovation in the field of ICT to ensure a sustainable future for technological advancement through training.
The training sessions are designed to bridge the gap between academic learning and real-world industry demands, equipping students with the expertise needed to thrive in the digital age.
Universities and colleges earmarked to benefit from this year’s Huawei “Seed for Future” program Include University of Nairobi, United States International University (USIU), Strathmore University, Kenyatta University, Moi University, Egerton University, Jomo Kenyatta University of Agriculture and Technology (JKUAT), Mount Kenya University, Catholic University of East Africa, Technical University of Kenya, Muranga University, Kabete National Polytechnic, Nairobi Technical Training Institute, and Nyandarua Technical Training Institute.
Commenting on the program, Huawei Kenya Media Director, Public Affairs and Communication Department Ms. Khadija Mohammed Ahmed said the Seed for Future” program seeks to develop local talent, share knowledge, increase ICT sector awareness & enthusiasm, & foster digital community building.
“We are thrilled to kick off the 2024 ‘Seed for Future’ program, which represents Huawei’s unwavering commitment to nurturing the next generation of ICT professionals. By collaborating with these top universities and colleges, we aim to empower Kenyan students with the necessary tools and insights to drive innovation and shape the future of technology,” Ms. Ahmed said.
Now in its 10th year in Kenya, the Seeds for the Future program seeks to rope-in at least 1000 participants.
The registration exercise for this year’s program will run until April 30th, 2024. To register, the participating student will need a resume, a transcript that proofs academic records, a cover letter and/or a 3-minute personal video which reflects objective to participate for learning, which should be done through the Registration Link
This year’s program offers students the chance to undergo a one-week digital training course in South Africa, as well as additional training opportunities.
In addition to the South Africa trip, selected students will have a one-week training on Huawei certification courses and another one-week local training in Nairobi and an opportunity to engage in global competition termed as the ‘Tech4Good Competition, international learning and cultural exchange.
In 2023, more than 2600 students from 102 countries participated in the program.
LG Electronics, a global leader in technology and innovation, has once again demonstrated its commitment to making a positive impact on communities by organizing a grand IFTAR feast during the holy month of Ramadan. With a steadfast commitment to community support and giving back, LG Electronics served delicious meals to hundreds of people in need.
LG Electronics recognizes the significance of solidarity and compassion during this special time of year. The IFTAR feast, which took place in 2 major Mosques in Magodo Shangisha and Naiwarudeen Society of Nigeria, Oshodi, Lagos State, saw delicious meals being served to hundreds of individuals, bringing joy and unity to all who attended.
Ramadan is a time of reflection, spirituality, and compassion. It is a month when Muslims around the world fast from dawn till dusk and break their fasts with IFTAR meals. However, many individuals and families struggle to afford a proper meal during this sacred month. LG Electronics aimed to make a difference by organizing an IFTAR feast that brought the community together and provided nourishment to those in need.
Commenting on the initiative, the Managing Director, LG Electronics West Africa, Mr. Hyoung Sub Ji, stated, “We are delighted to be able to extend our support to the community during this auspicious month. Ramadan is a time for giving, and we feel privileged to have the opportunity to make a positive impact on the lives of others. We hope that the IFTAR feast brought joy and comfort to those who needed it most.”
“LG Electronics remains dedicated to our “Life’s Good” initiative that contributes to the well-being and happiness of society. By harnessing the power of technology and innovation, we strive to uplift communities and foster an environment of inclusivity and kindness”. Mr. Sub Ji added
Expressing gratitude to the management of LG Electronics, the President/Amir, of Islamic Education, and Faith Initiative (IEFI), Alhaji Olaide Osikoya of the Magodo Mosque said “We are immensely grateful for the generous gesture extended by the management of LG during this critical period. As the leader of the mosque, I am deeply moved by the support shown through this IFTAR initiative. The impact of this kindness is profound not just for me, but for all those benefiting from it. Such acts of compassion truly strengthen the bonds within our community and serve as a beacon of hope and unity. We thank the LG wholeheartedly for their benevolence, and may this spirit of giving continue to inspire others to make a difference in the lives of those in need.”
In the same vein, the Amir of Naiwarudeen Society of Nigeria, Oshodi, Alhaji Alaran Muhibdeen said, “LG’s thoughtful gesture during this sacred time has surely resonated with Allah by acknowledging those who fast to meet their needs. This act of kindness will not go unnoticed and will be rewarded abundantly. We express our heartfelt gratitude to you and your organization for this compassionate action.”
The IFTAR feast hosted by LG Electronics exemplified the company’s core values of empathy, inclusivity, and social responsibility. Through initiatives like this, LG aims to contribute to the well-being of communities worldwide, spreading joy and making a meaningful difference in the lives of those in need.
LG Electronics’ dedication to social responsibility serves as a prevailing reminder that businesses can play a pivotal role in driving societal change and fostering sustainable growth. By prioritizing community connections and making a difference, LG Electronics is exemplifying how corporate leadership transcends profits to create a better world for all.
Corporate Citizenship
Fawry Launches “Kheirak Wasel Fawry” Campaign To Support Good Deeds Charity In Ramadan
Fawry, renowned for its innovative banking technology and electronic payment services, launched an impressive campaign called “Kheirak Wasel Fawry” This campaign aimed to support charitable endeavors and spread kindness throughout the community.
Accompanied by the enchanting melodies of the musical band Massar Egbari, the campaign’s theme song, titled “خيرك سابق…خيرك واصل” captivated listeners with its memorable lyrics. The song beautifully reflected the genuine Egyptian identity, showcasing individuals who genuinely cared about doing good deeds in their everyday lives, whether through their words or actions.
What made this campaign truly special was its focus on the essence of humanity and the enduring spirit of the Egyptian people, not just during Ramadan but throughout the entire year. The song’s lyrics were carefully crafted to inspire acts of kindness, reminding people that the true essence of goodness lies within them. It encouraged individuals to express their generosity in various forms, by extending a helping hand to others, speaking kind words, or simply sharing a warm smile.
Fawry has organized interactive activities in several shopping malls such as City Center Almaza, Arkan Plaza, Tivoli Plaza, and Park Street, in order to be present near the donors in these locations. This is done through its distinctive booth that contains interactive donation screens supported by 3D technology, which allows visitors to donate easily to some charitable institutions such as Magdi Yacoub Heart Foundation, Bahia Hospital, and Al-Nas Hospital throughout the month of Ramadan. Donations can be made using any bank card, helping in the recovery of patients and bringing joy and smiles to Egyptian families.
Fawry, being the preferred choice of the Egyptian community, played a pivotal role in facilitating acts of kindness across all segments of society. With their user-friendly solutions and services, Fawry made it possible for people to donate to over 250 charitable institutions and associations. Among these notable organizations were Hayah Kareema Foundation, Tahya Misr Fund, 57357 Children’s Cancer Hospital, the Misr El Kheir Foundation, Bahia Hospital, Dar Al Orman, Mersal, and Al-Nas Hospital.
Donations could be conveniently made through the myfawry application or via Fawry’s widespread network of Point of Sale (POS) machines throughout Egypt.
This heartwarming campaign served as a beacon of hope, reminding everyone of the power of small acts of kindness and the profound impact they can have on individuals and communities. It celebrated the rich tapestry of Egyptian culture and the unwavering generosity that flows within its people.
And so, the “Kheirak Wasel Fawry” campaign became a symbol of unity, compassion, and the collective effort to make the world a better place, not just during Ramadan, but every day of the year.
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