It is without a doubt that socially responsible companies tend to attract more consumers and stakeholders. This in turn results in improved sales and customer loyalty. The 21st-century business operates in a highly competitive market with a myriad of options available to consumers. One effective way for enterprises to make their mark is by adopting socially responsible practices that impact consumers, communities, and stakeholders.
- Socially responsible enterprises promote community development and improve employee satisfaction.
- Also, employees working in corporations that emphasize sustainability tend to feel more fulfilled and in tune with their work.
Top ten most socially responsible Nigerian businesses
In this article, we will consider enterprises and corporations in Nigeria that stand out for their sustainability initiatives and social impact across communities and even the nation at large.
UBA is known for incorporating sustainable practices into its day-to-day operations. Overall, the bank devotes 1% of its annual profit to fund socially responsible initiatives. Also, the UBA Foundation participates in several activities and projects that bridge the literacy gap and promote economic and environmental sustainability. The various projects span safeguarding the environment, advancing educational endeavors, creating economic empowerment, and supporting other sustainable projects.
MTN Foundation was founded in 2004 to undertake CSR projects for MTN Nigeria. The network contributes up to 1% of its Profit after Tax (PAT) to fund various projects. Altogether, the foundation has over 1,016 project locations in Nigeria, with 48 distinct initiatives spanning 3,251 communities. Likewise, the various initiatives have impacted over 31,231,393 individuals. By and large, MTN Foundation has invested about NGN25.7 billion across the federation’s 36 states and Federal Capital Territory.
PwC undertakes socially responsible initiatives in the area of education, community development, healthcare, famine, and disaster assistance. Likewise, a significant percentage of PwC employees participate in corporate responsibility projects. PwC has also assisted in renovating schools to provide a safer, more practical teaching and learning environment. This includes education bursaries awards and mentorship programs. Other initiatives include sponsoring student club programs and contributing books to schools. PwC supports the Chess4Change program, which aims to improve students’ analytic and mathematical abilities in secondary schools by introducing them to the game of chess.
4. Nosaq Group
NOSAK GROUP seeks to improve society and affect people’s lives by developing, supporting, and cultivating CSR programs that benefit local communities, employees, customers, government agencies, regulators, and other stakeholders. The goal is to foster social change through strategic investments that promote quality education, improve healthcare, and stimulate socioeconomic activity, and environmental development. Hence, the group’s CSR initiatives prioritize four cardinal themes denoted by the acronym HEEE – Health, Education, Environment, and Entrepreneurship. One of Nosaq’s notable community initiatives includes the donation of medical supplies to the Lagos State Primary Healthcare Board and its contribution to the Edo State Covid-19 Trust Fund to combat the earlier Covid-19 outbreak.
5. May and Baker Nigeria Ltd
May & Baker Nigeria Plc stands out as Nigeria’s first pharmaceutical company. Additionally, the organization has played a prominent role in the country’s healthcare industry for more than seven decades. Its various projects over the years span community-based social aid, corporate sponsorships, and donations to individuals, professional, governmental, and non-governmental organizations. May & Baker also funds scholarship and research activities across various tertiary institutions. This includes providing foreign exposure to Nigerian academics through a Travel Fellowship Award. Under this scheme, over ten academics have been sponsored to international scientific meetings.
Lafarge Africa Plc, in 2019, was named the fourth-best CSR and Sustainability Company in Nigeria by Forbes Africa. The corporation’s empowerment program constitutes four primary social intervention areas: education, health, infrastructure development, and other assistance programs. Also, Lafarge is known for its National Literacy Competition which has become its most recurring CSR program. The initiative welcomes primary school students nationwide to compete in literacy-related activities. The program, since its inception, has impacted almost a million students across thousands of schools.
G4S primarily focuses on activities that make a significant impact on the upliftment and well-being of people and its region of operation. However, the company prioritizes youth development and assistance through education, healthcare, and sports-related projects. Some of the schools that have benefited from G4S initiatives include Hope Waddel Nursery/Primary School, Calabar; Government Secondary Schools, Aingeje; Government Secondary Schools, Ikot Effanga; and Government Secondary Schools, Akansoko in Calabar, Cross River State.
8. Zenith Bank
Zenith Bank conducts need-gap analyses in target communities regularly to correctly identify areas of need. This allows the corporation to develop unique and impactful CSR projects. In addition, the bank seeks to improve the socioeconomic conditions of its operating communities in accordance with the principles of the United Nations Sustainable Development Goals. Zenith’s multimillion-naira flagship, Iga-Idunganran Lagos Island Community Healthcare Centre, demonstrates the bank’s dedication to healthcare delivery in local areas. The hospital was built, outfitted, and donated to satisfy the primary healthcare needs of Lagos Island residents. Also, the bank’s social programs focus on alleviating extreme poverty, boosting skill development and capacity building, creating jobs, and assisting the government in attaining inclusive growth and development.
Axxela, Africa’s leading energy solution provider provides educational and infrastructure solutions to its host communities through various initiatives. The corporation is also actively involved in community activities. As a result, over 60,000 people have become beneficiaries of Axxela’s indigenous direct and indirect job opportunities. Even more, the corporation has awarded over $5 million in grants to fund education scholarships and school renovations in Nigeria.
10. Nigeria LNG Limited
Nigeria LNG Limited prioritizes education and human capital development to resolve national growth. The company has three primary tiers of scholarship schemes: Post Primary, Undergraduate, and Post Graduate. In 2014, NLNG introduced the University Support Program, as part of its commitment to developing education and complementing the efforts of government and partners. By and large, the corporation has spent over $12 million to construct modern engineering laboratories and provide cutting-edge technical equipment to help with teaching and research in six Nigerian universities.
To sum it all up, socially responsible enterprises promote community development and improve employee satisfaction. Likewise, employees working in corporations that emphasize sustainability tend to feel more fulfilled and in tune with their work. This in turn can result in increased productivity and improved company delivery.
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