Inclusive: UN partners can join hands with African firms

“How can we make money and do good?” This is a question we ask ourselves. Today’s GrowthView article builds on the last“Prosperity and growth: how do they go hand in hand?”. These are opportunities for local Nigerian, and African small-scale businesses to grow equitably with the big players, and partner with the United Nations (UN).

Economic growth theory refers to being inclusive as building a business that increases revenue (and profit) while including the poor and remote communities. A dilemma that corporates and now FinTech firms are facing, as the UN is requesting evidence on business inclusiveness – particularly to show results that align to the targets of the UN’s SDG #8 on economic development. So, what can corporates learn from small-scale entrepreneurs on what it means to be ‘inclusive’?

More simply put, how can we facilitate good money?

There are two parts to the question (1) what role do we play as individuals in building these businesses? (2) what tools do we need,to make it happen?

Local lens: In Nigeria and throughout Sub-Saharan Africa, the culture and customs have nurtured talented designers, artisans, agriculturists and tech innovators; from small-scale to larger scale exporters. So how can we see more growth in cross-border trade or local Nigerian partnerships with single or family-owned businesses?

First, what do I enjoy doing that sparks my enthusiasm?Creativity comes in many forms and what drives us can be money, satisfaction or the value we have in seeing others enjoy our product (self-fulfilment and pride). This is the inner catalyst that inspires someone to develop a new product or service. Most importantly, the aim that we are“all better off” is key.

Second, how can I put my idea into action? Start small and grow big. Whether you are a small business owner or a graduate, make use of the tools and infrastructure you have available now. Then, explore the bigger “deals”. This allows you to take minimal risk and you learn if it fails, and gain when it succeeds. Acting on the values is the second part.

When we focus on ‘big’ enterprises, wemay lose sight of opportunities right at our door step. Niche business ideasintopics of research, tech, trade or services can also generate revenue today, and potentially be the inclusive as well as effective examples for the future, as examples.

Global lens: As a CEO of a Forbes 100, the question on inclusiveness is his or her cross-road to equity.Do I invest in expanding to a new region without having any income benefit? Should I be inclusive although it is not my comparative advantage? Can I partner with a company or local organisation that can sell my products (affordably)?

The solution is simple: your business is inclusive if it does right. Values and actions.

The “good product” is one that makes lives better. Isn’t that the purpose of a product or service? Making our life more enjoyable, easier or healthier? Of course, there are products and services that are for leisure and distractions – that is still making it more enjoyable. Although, if this satisfaction is at the cost of others, then it defeats the point of equitable growth.