Uche Henry
Stakeholders at the Nigerian-American Chamber of Commerce (NACC) have agreed that a robust governance structure that involves key major players in the Oil producing communities is critical for rural development in Nigeria.
Speaking at a Breakfast meeting recently on the theme; “Strategic Social Investment: The Chevron Nigeria Approach”, the Deputy President, NACC, Oluwatoyin Akomolafe, said within the Nigeria business space, strategic social investment has become contemporary and contextual issue to all stakeholders including the government, the general public and the corporation itself. He said, while making profit is ideal, social investment in businesses can also be very profitable, adding that within the Nigeria business space, strategic social investment is a crucial and critical issue to all stakeholders including the government, corporations and the public at large.
He noted that it is important to have continuous fora to lay bare the contributions of corporations to the social well-being of their host communities and its sustainability, if positive.
According to him; “Modern businesses have heightened their interest on the role they play beyond profit maximization to the awareness of social, environmental and ethical impacts. It is, therefore, necessary to state that public outcry will not cease if business organisations fail to respond to the challenges these posed as it has been proven that companies around the world engage in social investment efforts as a way to promote local development and benefit stakeholders in their areas of operations.
“For private sector, effective social investment programmes would help companies gain a social licence to operate, access land, reduce project and reputational risks, boost productivity, meet government requirements or global standards, and/or successfully compete for the next venture.