Corporate Nigeria’s Response to the COVID-19 Pandemic

In response to the COVID-19 pandemic, Corporate Nigeria stepped up to mitigate its impact on the economy, with 30 top companies listed on the Nigerian Exchange donating a total of ₦32.4 billion as part of their corporate social responsibility (CSR) initiatives.

Contributions to CACOVID

Most of these funds were channeled to the CACOVID Fund, a private sector-led coalition aimed at supporting the government’s efforts to combat the Coronavirus pandemic in Nigeria.

Why Corporate Social Responsibility Matters

With over 200 million people in Nigeria, nearly 83 million (40%) live below the country’s poverty line of ₦137,430 ($381.75) per year. The country faces significant economic challenges, including high unemployment and inflation rates.

Corporate entities in Nigeria have historically contributed to alleviating some of these challenges through CSR initiatives. This was particularly evident during the unique challenges posed by the pandemic.

According to the Central Bank of Nigeria, CACOVID received support from over 200 individuals and corporate entities, raising ₦39.65 billion in funds and in-kind donations. These contributions supported initiatives such as:

• Food relief programs
• Provision of medical facilities and equipment
• Awareness campaigns
• Response to the #EndSARS protest

Leading CSR Contributions

UBA, MTN Nigeria, and Zenith Bank led the list of corporations making significant CSR donations in line with their policies.

Top Contributors:

1. UBA – ₦5.1 Billion
   • Donated over ₦5 billion ($14 million) through the UBA Foundation to drive a pan-African response to COVID-19.
   • Funds were directed towards education, empowerment, environmental initiatives, community development, and sports.
   • Supported the Asisat Oshoala Foundation in building a solar borehole in Ikorodu and mentoring young girls at the Football4Girls training camp.
2. MTN Nigeria – ₦4.14 Billion
   • Contributed ₦1 billion to CACOVID and donated personal protective equipment (PPE) worth ₦2.02 billion to the Nigeria Centre for Disease Control (NCDC) through the MTN Nigeria Foundation.
   • Allocated ₦2.05 billion for donations under the MTN Foundation, which focuses on education, economic empowerment, and health.
3. Zenith Bank – ₦3.29 Billion
   • Donated ₦1.4 billion to various state government infrastructure and Security Trust Funds.
   • Contributed ₦1 billion to CACOVID and ₦100 million to Lagos State’s (Abule-Ado) emergency relief fund.
   • Supported sports, education, and medical services during this period.
4. Dangote Cement – ₦2.9 Billion
   • Increased its sponsorship and charitable donations from ₦1.1 billion in the previous year to ₦2.9 billion.
   • Allocated $5.8 million in response to the pandemic.
   • Provided scholarships and school materials to students participating in educational support initiatives across the continent.

Conclusion

The collective efforts of corporate Nigeria during the COVID-19 pandemic underscore the importance of CSR in addressing societal challenges. These contributions not only supported the immediate fight against the pandemic but also laid a foundation for sustainable community development and economic recovery.