From Nigeria to South Africa, Egypt to Kenya, the African continent has emerged as a top investment destination in the world. This surge in interest is fueled by factors such as abundant natural resources and a rapidly growing consumer market, making Africa an attractive prospect for investors seeking fresh opportunities, growth potential, and long-term returns.
However, beyond simply attracting investment for just monetary gains, the continent needs investments that would yield tangible and sustainable results. It is crucial that investments contribute not only to the economic growth of the continent but also to the overall living standard of its citizens.
To attract investment on the continent towards this sustainable future, the Sterling One Foundation will hold the Africa Social Impact Summit (ASIS) – a gathering of leaders from the private and public sectors, civil society organisations, and the development community to find innovative sustainable solutions to developmental challenges in Africa.
The summit which is co-convened by the United Nations in Nigeria has identified education, health, climate action, renewable energy, circular economy, food security and youth empowerment as critical sectors for social impact investors to partner on to drive the achievement of most of the 17 SDGs. Themed “Global Vision, Local Action: Repositioning The African Development Ecosystem For Sustainable Outcomes”, the summit will hold on August 10-11 at the Eko Convention Center, Lagos.
During his opening speech at the press conference at the Sterling Towers, Marina, Lagos, MD Sterling Bank, Abubakar Suleiman explained that previously, various organisations pursued their social impact goals independently, using different approaches such as charitable donations or investments resulting in duplications, inefficiencies, and limited access to crucial research. However, there needed to be more communication and collaboration.
“If you notice the five sectors that we have highlighted have the highest concentration of human beings. It is inevitable not to come across any of the five sectors. You must have come across health, education institutions and personnel, agriculture or renewable energy. We have strategically positioned it in a way that every human being can at some point be impacted by what we do. And even though we have finance, more importantly, we could use partnerships to accelerate more finance,” he revealed.
He also pointed out that the vision is to engage Africa in an organised and collaborative manner, leveraging everyone’s interests and strengths. “We believe that by continuing to host such summits in the future, we can build a powerful network that will be difficult for any challenge to withstand. Together, we can make a significant and lasting difference in the Africa’s social impact landscape,” he stated.
Olapeju Ibekwe, CEO of Sterling One Foundation, stated that this year’s summit aims to structure agreed-on solutions into a comprehensive approach with the potential for long-term impact on the continent by providing more opportunities for more people and equitable access for everyone.
“As a wise man once said, if you want to go far, go alone. But we want to go farther so we must go together, considering the benefit for generations yet unborn. The ASIS is not merely about a brand or the individuals present in the room; it is about shaping a better society for generations to come. This is ‘the why’ at ASIS. And the awesome partners you can see here are testaments to this.” she stated.
Cocacola, Africa Venture Philanthropy Alliance, United Nations Global Compact Network Nigeria, British Council, Microsoft, UNDP, MTN, and Nigeria Climate Innovation Centre are some of the strategic partners for the summit.
Speaking on the partnership, the Resident and Humanitarian Coordinator for the United Nations in Nigeria, Mr Matthias Schmale expressed delight at the partnership noting that convening the Africa Social Impact Summit was timely and highly relevant.
He said that against the backdrop of the pandemic, the Ukraine war and the negative socio-economic impact these and other crises have had on the global 2030 Development Agenda, it is more urgent than ever to rescue the SDGs and to accelerate their achievement in Nigeria and across the continent.
He added that the Africa Social Impact Summit provides an excellent platform for key development stakeholders in the country and on the continent to explore how to move forward together and find standard solutions across borders.
Besides panel discussions, the summit will also feature a deal room, allowing innovative entrepreneurs to pitch to a curated set of impact investors to access new investments for their businesses to help deepen their impact and scale their sustainable solutions.
Last year the summit had over 3,000 registrants from 66 countries and had 13 entrepreneurs from four African countries pitch at the Deal Room. Like the previous year, ASIS 2023 will be hosted as a physical and hybrid event and holds the promise of being more impactful and engaging than before. Register here.
Sterling Bank: Walking the talk on sustainable development.
Many organizations face challenges in fulfilling their commitments to sustainable development, often making promises without following through. However, Sterling Bank stands out as an organization that truly walks the talk on sustainable development.
First, by actively working towards closing the gender gap on the continent, Ibekwe emphasized that they have curated an exceptional list of investors with diverse categories of capital, ranging from grants to equity and other financial products. “We are working on setting up a $ 20 million fund as liquid capital targeted at women in fintech and circular economy. We are at the final stages and already have some seed capital to start it up. This and more will be launched at the ASIS and then we will build from there” she stated.
Sterling, as a corporate organisation, has also showcased its leadership in advancing the adoption of renewable energy in both Nigeria and the continent. A notable example of this commitment is evident in the transformation of the Sterling Bank headquarters. Last year, the building underwent a significant change, with approximately 6,500 square meters of crystalline silicon PV glass adorning the glimmering surface of the Sterling Tower. This milestone marked the construction of the only high-rise building in Africa covered by this cutting-edge renewable technology.
Abubakar Suleiman noted that while projects like the Sterling Tower are very good for spreading the gospel of renewable energy, instilling confidence and attracting investment the real solution lies in nurturing grassroots initiatives and fostering the growth of renewable energy at the community level. Commendably, Sterling Bank is also an active player in this field. Last year the bank signed a deal with the CBN and partner solar to provide 100, 000 solar power to off-grid communities.
Sterling Bank also launched the first commercial energy station for Electric Vehicles – Qore, in Nigeria. Qore will offer the purchase and financing of electric vehicles (EVs), EV charging stations, conversion of fossil-fuel-powered engines to EV engines, battery swapping services for modular EVs, and more. The bank further partnered with Borno State-based electric bus maker, Mustapha Gajibo to manufacture solar-powered commercial buses for EV bus shuttle services in Lagos.
The bank has also partnered with the Association of Women in Kano State, to fund approximately 100 electric tricycles powered by solar energy. These tricycles will serve as a sustainable and eco-friendly mode of transportation for conveying people within the Kano metropolis. What makes this project spectacular is the active participation of women in every step of the value chain. From the mechanics responsible for maintaining the tricycles to the solar attendants overseeing the charging process, women will play a crucial role in driving this sustainable transportation initiative forward.
“The private sector is beginning to get it right and I know a little bit of support from the government will make it scale significantly” Suleiman stated.
With the Africa Social Impact Summit, Sterling One Foundation hopes to create realistic and effective frameworks that will make it easier for African countries to achieve 2030’s Sustainable Development Goals with the help of changemakers who are tackling various challenges and driving behavioural change with their solutions.
Register here.
