Aig-Imoukhuede: Nigeria needs a leader in the not-for-profit sector

Aigboje Aig-Imoukhuede, president of the Nigerian Stock Exchange, says Nigeria needs a leader in the not-for-profit sector, if the sector must thrive as its does in the developed world.

Speaking at a breakfast dialogue hosted by Aspire Coronation Trust (ACT) Foundation,  Aig-Imoukhuede said America donates 2.1 percent of its gross domestic product GDP to charitable organisations because of the structure and leadership in the system.

“Knowledge is power, ideas are liberating. I want to share with you something; in the US, Americans gave $373 billion, 2.1 percent of GDP in charitable giving in 2015,” Aig-Imoukhuede said.

“91 percent of high net worth houses, these are households that have $1m or thereabouts in investible assets. 91 percent of them participate in charitable giving.

“Now before you think, individuals accounted for $268 billion, corporates $18 billion, foundations $57. In other words, individual giving is 71 percent. The Ford Foundation gives a lot but at the end of the day, it is not that much in the total.

“You then say individuals are giving so much, so therefore, I’d assume its religion; 32 percent is religion. Corporate giving is five percent, education 15 percent, human services 12 percent, health eight percent.”

He said if Nigeria were to follow in the same manner, about $10 billion will go to charitable organisations driving change in the country.

“The big thing is this; if Nigerians give as much annually as the US gives today, we’d be giving $10 billion annually. Ask yourself, what is it that makes Americans give so much? Is it just because they are more generous than Nigerians? I don’t think so.

“I think over time, platforms, entreprenuer have developed to incentivise the givings by great ideas, impactful things. You have got to ask properly with structure. Leadership is required for any society to develop, in the US there have been leaders that have caused charitables and not for profits to thrive. In Nigeria, we also need our own leaders.

He charged ACT Foundation to set standards for the not for profit sector, saying it may be one of the most game changing things in the sector.

Osayi Alile, the CEO of ACT Foundation and a World of Economic Forum young global leader, said the foundation is willing to raise the bar and lead the social sector.

“We want to make sure that the sector begins to prosper the way it is, and when I talk about prosperity, it is not in terms of financial prosperity but the value we are bringing into Nigeria and Africa at large.

“So when people come in, they know the sector, they understand the sector, and so we can say these are people in education, health, leadership and we know exactly who and what, and where we are going to.”

The dialogue to course a path for the social sector in the country was attended by many players in the industry to include: Eme Essien, country director IFC; Herbert Wigwe, Access Bank CEO; Serah Makka, country director for One Campaign; Aigboje Aig-Imoukhuede, NSE President, Osayi Alile, CEO ACT Foundation; Innocent Chukwuma of Ford Foundation; Jumoke Oduwole, SSA to the president on industry, trade and investment.