‘Firms’ spend on CSR rose to N20b in 2014’
Chief Responsibility Officer, Trucontact CSR Nigeria, Mr. Ken Egbas, has said that the total spend of companies on Corporate Social Responsibility (CSR) in Nigeria rose to N20 billion in 2014, rating the country as number two in terms of expenditure among other African nations.
Egbas who spoke to MARKETING EDGE in Lagos, said that from the said amount, close to 40 percent came from the oil and gas, telecom, banking and the manufacturing sectors respectively, noting that the trend had been maintained over the last ten years.
He said that in 2007 Nigeria was rated behind countries like South Africa, Kenya, Egypt, Morocco and even Angola in CSR spend.
“If you look at what has happened in the last ten years, today, we are rated in terms of spend, activities and impact as number two in the continent. So, it shows how far we have gone in the continent in a space of ten years” he said.
He, however, stressed that in 2006 when the firm conducted a research, it was found out that there were only three companies that had CSR policy documents in the country, namely MTN, British American Tobacco Company and Diageo.
Egbas noted that presently, about 80% of businesses quoted in the Stock Exchange Market had CSR policy, adding that the Stock Exchange Market has made it mandatory that firms submit their financial reports alongside their CSR and sustainability reports.
The Trucontact boss further explained that most companies have realized the importance of CSR as a major way of improving their brands, noting that this was the age of responsibility which most companies in the country have embraced to contribute back to the societies and make life better for the public.
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