Professor Yemi Osinbajo, vice president of Nigeria, has stated that social benefits and profit-making can co-exist through impact investing – an approach that integrates society’s social and environmental goals.
Osinbajo made this known on Tuesday during a keynote speech which he delivered virtually at the 4th Impact Investors’ Foundation Annual Convening on Impact Investing.
This was released by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, in a statement titled, ‘To Address Inequalities, Social Benefits and Profit Can Co-Exist, Says Osinbajo.’
Osinbajo stated that the wealth and opportunity inequality worsened by the COVID-19 pandemic can be tackled through impact investing.
“Glaring inequalities of wealth and opportunity in the face of poverty, misery, and social alienation in any society is asking for trouble. Such a situation is neither sustainable nor wise,” the statement quoted Osinbajo as saying.
He added, “The sharp drop in standards of living caused by COVID-19-induced shocks to the economy have not only further deepened existing inequalities, but pushed many more into extreme poverty.
“Neither governments nor businesses can afford to ignore the huge social disparities and environmental deterioration for long.
“So, impact investing is an eminently sound approach to balancing these inequities by catalyzing social and environmental impact for long-term structural change.”
via: Information Nigeria