Beyond paying taxes creating employment, and supporting the local economy, a business does so much more. Recently more companies have been put in the spotlight for their impacts. It is therefore more important now that all profitable Nigerian businesses contribute their quota to ensuring that the environment through which they make their profits prospers. Many companies, like ours, have been doing their bit through Corporate Social Responsibility (CSR). Like the philanthropic arm of our company, Genesis Endowment Foundation, there are companies that have a dedicated vehicle through which they make their contributions. However, not every business can have a philanthropic arm, but we can all contribute our bit to develop this great Nation. Here are four ways businesses can help develop Nigeria.

Environmental Responsibility

Preserving the earth is at the core of the sustainable development goals and this is one goal that all businesses can play a role in. As a business, you can help the Nigerian environment by optimizing operations toward net zero and supporting related causes. If you’re in manufacturing, you can reduce waste, natural resource consumption, pollution, or emissions. You can recycle your goods and materials and encourage your customers to reuse them. Your company can also help replenish natural resources, for example, if you deforest, then you can also commit to planting an equal number of trees. No matter what your business does, there is a possibility of doing it better.

Ethical Responsibility

The pillar of CSR is acting in a fair manner. As a company, you should set good standards and ensure absolute compliance by your partners and employees. An example of ethical responsibility is treating all your customers fairly regardless of culture, race, or age. Also, you can ensure that your employees are paid fairly despite individual or personal differences. You can expand your partners, suppliers, and vendors to include different tribes, races, or economic statuses. The most important is honesty in disclosing operating or fiscal concerns to investors at the right time.

Philanthropic Responsibility

This is a pillar of corporate social responsibility that directly challenges a company’s contributions to society. In simple words, philanthropic responsibility details how a business spends its resources to make its immediate environment a better place and all companies operating in Nigeria have a philanthropic responsibility. While some companies may choose to donate profit to charities and causes that align with their goals, others may choose to transact with suppliers or vendors that support their company philosophy or philanthropic goals. Also, your company could support your employee’s philanthropic aspirations through extended time off or match contributions. Another way to be philanthropic is to sponsor fundraisers to establish a presence in a community. For example, our philanthropic arm, Genesis Endowment Foundation recently visited a school in Surulere, Lagos State where we interacted with the students, encouraged the teachers, and supplied back-to-school packages for the students. By doing these, we established a presence in our community.

 

Financial Responsibility

Most people say this is the most important pillar of corporate social responsibility since it connects the other three. A company may make plans to be environmentally, ethically, and philanthropically responsible, but without the finances to back it up, there will be little to no progress. Your company can be financially responsible through investments in research and development for new sustainable products, recruitment of different talents to diversify your workforce, or training employees on social and environmental concerns. Also, you can be financially responsible by committing to external audits to ensure transparency in finances.

 

Conclusion

There is no shortage of ways businesses can contribute to making our country a better place. Whether your company has a philanthropic arm or not, we can all do something to put Nigeria on the trajectory of progress. At Genesis Endowment Foundation, we have made quality education for children, your development, and the empowerment of widows our primary areas of focus. We have a few projects that we believe every company or individual can support, to find out more about what we’re doing, please visit this link.