Nigerian Businesses Take Steps Towards Including CSR Into Their Agenda
Dailycsr.com – 22 October 2017 – A sizeable percentage of Nigeria bases organisations from various sectors are opening up to adapting to the idea of CSR, reports Vikas Vij. Glancing behind, not so long ago, the termed CSR, appeared, to many, as an amalgam of “philanthropy, emergency relief, altruism, and charity”. However, this perceptions are changing for better, as many include “CSR as a business strategy” for delivering “measurable returns”, while giving back to the communities around them.
Similarly, the “ThistlePraxis Consulting” at Nigeria has come out with its recent publication of a “study on the state of CSR” in Nigeria. It took more than nine months for the survey to be completed while more than seven hundreds “respondents”, including “senior decision-makers in prominent national organizations” became part of the same.
The study results enlightened and encourages at the same time. Here is a list of highlights from the survey, painting “a positive picture of the state of CSR” in Nigeria, as mentioned by the Ethical Performance:
Similarly, the “ThistlePraxis Consulting” at Nigeria has come out with its recent publication of a “study on the state of CSR” in Nigeria. It took more than nine months for the survey to be completed while more than seven hundreds “respondents”, including “senior decision-makers in prominent national organizations” became part of the same.
The study results enlightened and encourages at the same time. Here is a list of highlights from the survey, painting “a positive picture of the state of CSR” in Nigeria, as mentioned by the Ethical Performance:
- Seven out of 10 businesses across various sectors are now engaged in CSR initiatives
- Sixty-nine percent of respondents state that CSR is important to their business strategy
- Fifty-seven percent of the organizations have a CSR policy in place
- Education (52.1%), Youth Development (35.56%), and Health (33.15%) rank highest in CSR spending
Moreover, the survey was window that enabled a view of the challenge strewn territories that yet to be addressed in Nigerian CSR battle. For as many as 72% respondents ROI on CSR is not a “strategic investment”, while 38% thought that the “CSR initiatives” did not add to their revenue growth. However, only 62% of organisations came out with a documented report of their “CSR policies”.
According to Vikas Vij:
“While CSR is increasingly gaining acceptance in Nigeria as a whole, it still has a significant distance to go. Secrecy has always been a mainstay of Nigerian governance, and it is proving to be a major hindrance to the growth of CSR in the region. To be sustainable, CSR will have to accord priority to transparency, disclosure, and reporting”.
References:
http://www.ethicalperformance.com
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