Do firms have the heart for social responsibility?

It is because of this fact that the international community and governments the world over have made concerted efforts to improve their citizens access to quality education.Despite this, globally there exists an inequality with regards to access to education and the standards of education, particularly in developing countries, including Nigeria.The first and perhaps the greatest […]

It is because of this fact that the international community and governments the world over have made concerted efforts to improve their citizens access to quality education.
Despite this, globally there exists an inequality with regards to access to education and the standards of education, particularly in developing countries, including Nigeria.
The first and perhaps the greatest challenge facing Nigeria’s educational development is inadequate funding by federal, state and local governments.
Funding has usually been in response to conditions or standards recommended by international financial institutions and global organisations.
In recent years, statistics have shown that the federal government’s expenditure on education has been shrinking year by year, and is nowhere near the UNESCO recommendation of 26% of national budgets.
This situation is worrisome according to experts, especially now that the strike action by the Academic Staff Union of Universities (ASUU) has stretched beyond 100 days.
This is why many have canvassed more involvement of private education sector as a way of giving back to the society in which they operate.
Many companies have responded to this clarion call by incorporating education into their corporate social responsibility (CSR) budget as an alternative means of boosting access to learning in the country.
The education-based CSR has since drawn interest from business organizations in Nigeria in recent years, after they have recognized the potential of CSR in strengthening brands, gaining competitive advantage, increasing profits and contributing to development.
Corporate organizations from all sphere of the economic have had one education project or  the other having realized that they actually have responsibility towards the communities in which they exist and do business.
From telecoms and oil and gas to financial institutions and nongovernment organisations, they are doing all they can to ensure that education system is not paralysed in Nigeria.
While some have rolled out scholarship schemes, others have adopted schools, and some have taken to renovation of dilapidated schools. Teacher training programmes is also another way through which companies have channelled efforts towards development of education in their respective host communities.
One of these examples is the recent initiative of the Pan-African financial institution, Ecobank Plc where staff of the bank engaged in various forms of community services as part of activities to mark the maiden Ecobank Day celebrated simultaneously in 34 African countries where the bank has presence.
In Nigeria the activities included renovation and construction of classroom blocks in select schools across the country, donation of educational materials and assisting with cleaning immediate environment of the select schools and communities.
Schools that benefited from the bank’s gesture included C&S Primary School, Ikorodu, Lagos; Government Secondary School, Kubwa, Abuja and Eastern Academy, Onitsha, Anambra State.
Speaking at the C&S Primary School, one of the beneficiary schools, the Managing Director, Ecobank Nigeria, Jibril Aku, said the community-inspired day is part of Ecobank Group’s initiative which had set aside October 5 of every year for staff across the group to converge on select locations and devote the whole day to community-related services as a way of impacting the immediate host communities.
“Ecobank Day is our corporate activity day to contribute to the community where we live and work. The objectives behind it are community-inspired. From this year onwards, it would be celebrated annually on October 5.”
Aku explained that the choice of the theme “Education for Young People in Africa” was in line with the Bank’s corporate philosophy which identifies improved education of young people as key to a successful future for Africa.
Part of the objectives of the Ecobank Day, he said is to assist in promoting quality education and youth development in Africa as well as inculcating positive values in young people.
“We conduct business, develop ourselves and make profits based on our daily interactions with our communities. It is therefore right for us to give back by contributing both financially and through our own energy to improve the communities that have welcomed us and in whose territories we work. I am sure you will find the day very satisfying and rewarding,” he noted.
Commending the efforts of Ecobank towards the development of education in Nigeria, Otiv Igbuzor (Ph.D), a renowned educator and Director of ActionAid, a non-governmental organization said the bank’s initiative presents a ray of hope for the nation’s educational system and the younger generation of this great country.
According to him, for the educational sector to grow, the private sector will have to play a major role in supporting the efforts of the government.
“It is impossible for any government to do it all alone. There is a role that the private sector needs to play in order to create sustainable development for education in Nigeria,” he said.
Speaking in the same vein, principal of Government Secondary School, Kubwa in Abuja, Muhammed Jubril praised the efforts of Ecobank in providing developmental assistance to the school.
He said that the move has made a huge difference and urged other corporate bodies to emulate Ecobank.