Nigeria has its eyes on bringing legislation in drive philanthropy better into the country. 

Benjamin Okezie Kalu, deputy speaker of the House of Representatives of Nigeria, is the man pushing for a sea change.  

He believes that political intervention will strengthen impact investing and help put philanthropy into the main structures of the country’s financial structure.  

In turn, Kalu hopes that will drive the aspirations and standards of living for a country where, according to Nigeria’s office for statistics, 40 percent of the country live below the poverty line.  

According to Nigerian business publication The Independent, Kalu says that it is parliament’s duty to find gaps in governance and fill them with legislative interventions. 

The deputy speaker added that in establishing favorable policy environment and frameworks, Nigeria could attract more funding. 

No time frame has been given, though Kalu is optimistic of presidential support for a sign off to the bill. 

‘At the heart of this conversation lies the need to mainstream philanthropy and impact investing into our national financial structure and enact legislation that unlocks increased capital flows to achieve our development aspirations and improve living standards,’ Kalu told a delegation on developing philanthropy and impact investing legislation, hosted by Impact Investors Foundation (IIF) and the Nigeria Office for Philanthropy. 

‘Philanthropy and impact investing play a vital role in addressing our nation’s most pressing challenges, including poverty, education, innovation, and environmental protection.’  

Nigerian philanthropy is closely aligning itself with creating small businesses and boosting job creation.  

In January, Nigeria’s government inaugurated a National Philanthropy Office, a private led venture, though located within the vice president’s office. 

The office proposes to raise $200 million in grants and loans, as well as providing support to startups.  

Shafi Musaddique is the news editor at Alliance Magazine