Stakeholders have expressed commitment to addressing African social economic challenges as part of the move to help the continent catch up with the rest of the world.

They made the commitment at the Africa Social Impact Summit (ASIS) 2024, held at the Eko Convention Centre from July 25 to 26. The event was co-convened by the Sterling One Foundation and the United Nations.

This landmark event highlighted the importance of collaboration across sectors, bringing together private sector organisations, non-government organisation (NGOs) and other stakeholders to tackle Africa’s most pressing challenges.

A significant outcome of the summit was the commitment to developing a resource allocation framework aimed at addressing healthcare issues across the continent.

ASIS 2024, the largest hybrid gathering of leaders in the African development sphere, underscored the crucial role of the private sector in driving innovative and sustainable solutions for Africa’s future.

In a keynote, the United Nations Deputy Secretary-General, Amina Mohammed, said that sustainable growth must include climate resilience, leveraging technology and private sector innovations.

A diverse gathering of government officials, business executives and development experts participated in the summit. CEO of Sterling One Foundation, Olapeju Ibekwe, emphasised the necessity of collaboration, saying: “No single entity can address the multifaceted challenges we face. Through partnerships, we can harness diverse expertise and resources to tackle issues ranging from healthcare to climate resilience.”

An investor roundtable organised by the Lagos State Government in collaboration with various organisations opened the summit. Lagos State Executive Governor Babajide Sanwo-Olu’s presence underscored the government’s commitment to fostering a favorable environment for sustainable development.

Throughout the summit, the indispensable role of the private sector in Africa’s future growth was a recurring theme. CEO of Sterling Bank, Abubakar Suleiman, noted: “Creating a market for social impact means ensuring there is information, trust, and efficient allocation of resources.”

Vice President Kashim Shettima, who was represented by Jumoke Oduwole, called for a paradigm shift in economic thinking, noting: “It is time for action; we must move beyond rhetoric and focus on solutions with tangible impact. Africa can lead the way in a new model that balances prosperity, the environment, and equity.”