Deputy Speaker of the House of Representatives, Benjamin Kalu, has advocated for legislation to back philanthropy and impact investing in Nigeria, saying that it would help to increase capital flow for development, create jobs, and reduce the poverty rate in the country.
Kalu made the submission at the stakeholders’ lunch on developing legislation on philanthropy and impact investing in Nigeria, hosted by Impact Investors Foundation (IIF) in collaboration with the Nigeria Office for Philanthropy and the Office of the Deputy Speaker, yesterday, in Abuja.
The lunch had in attendance the Chairperson, Nigeria Philanthropy Office, Thelma Olu-Solanke; the Chief Executive Officer (CEO), Impact Investment Foundation, Etemore Glover; Head of Projects, GIZ, Ana Vinambres, India High Commissioner, Shri Balasubramanian and members of the finance committee of the Wholesale Impact Investment Fund (WIIF) .
Addressing the delegation, Kalu emphasised that enacting a law will help to mainstream philanthropy and impact investing into the national financial structure of Nigeria, while raising inflows to achieve desired development aspirations and improving the living standard of the people.
The Deputy Speaker stated that once achieved, the legal framework will drive inclusive economic growth and unlock the potential for innovative financing solutions that will promote multi-stakeholder commitment and participation.
He noted that the parliament must observe the existence of gaps in the governance ecosystem and block them through legislative interventions.
