Ibekwe: Social impact has grown post Covid

In a recent interview with CNBC Africa, Olapeju Ibekwe, the CEO of Sterling One Foundation, shared insights on the increasing state of social impact in Africa post-Covid-19. Ibekwe highlighted the importance of collaboration between public and private sector entities, as well as development partners, to address existing challenges and accelerate progress towards achieving Sustainable Development Goals. She emphasized the significant growth in social impact initiatives in Nigeria and across Africa, particularly following the global pandemic. Ibekwe pointed out that the Covid-19 crisis served as a unifying factor, prompting communities, businesses, and governments to join forces in combating a common invisible enemy. While the initial collaboration diminished after the peak of the pandemic, Ibekwe stressed the importance of sustained partnerships to drive social change. She highlighted the Africa Social Impact Summit as a key platform for bringing together stakeholders to strategize and work towards a collective vision for the continent's development. The summit has facilitated substantial investments in critical sectors such as health, education, and climate action, with over three billion naira invested in Nigeria's health sector following the previous convening. Ibekwe emphasized the role of catalysts and conveners like the Sterling One Foundation in fostering collaborations and facilitating investments among stakeholders. Looking ahead to the Africa Social Impact Summit 2024, scheduled to take place in Lagos, Ibekwe expressed optimism about attracting more investments and driving impact in diverse areas. She acknowledged the challenges posed by the current financial liquidity squeeze but remained positive about the potential for private capital to fuel social impact initiatives. Ibekwe also addressed the need for global financial architecture to support Africa's development agenda, highlighting the importance of de-risking investments and navigating macroeconomic challenges. While acknowledging the existing hurdles, Ibekwe remained cautiously optimistic about the future, emphasizing the role of fiscal policies in shaping the economic landscape. In conclusion, Ibekwe underscored the resilience of impact investments in the face of challenges, citing opportunities for growth and positive returns despite prevailing economic conditions.