Civil Society Organizations (CSOs) in Nigeria have been tasked to build financial resilience in order to achieve sustainable growth and development in the country.
The Migration and Development Impact Foundation (MDIF), in collaboration with Ford Foundation, gave this admonition on Friday in Abuja at the opening of a two day capacity building workshop for CSOs tagged “Human Capacity Building Growth and Development–Future Forward”, which was held in Abuja on Friday.
Chief Executive officer, MDIF, Mrs Margaret Ukegbu in her remarks highlighted the need to empower CSOs and individuals with the right tools to navigate economic challenges effectively.
She noted that when the CSOs are equipped with financial literacy training, access to resources and fostering entrepreneurship, they can address challenges in financial matters especially in business and investment.
She said “We found that CSOs have no room to have any kind of counseling and financial training to help navigate throughout their humanitarian services.
“So we saw the need to train them to be financially stable and not just rely on aid; we want them to get involved in businesses, savings and investment.
“CSOs and NGOs need to learn how to fend for themselves post donation cycles; because some of them after they have received grants, you find that there is nothing left after a few months to start another project and they haven’t invested.”
Also speaking during the workshop, Regional Director (West Africa) of the Ford Foundation, Chichi Aniagolu, stressed that building financial resilience was crucial for CSOs as it will put them in a good position to address uncertainties, sustain their operations, and achieve long-term impact.
“We want CSOs to build reserves, diversify funding sources, and implement robust financial management practices, to withstand economic downturns, adapt to changing circumstances and continue serving their missions effectively.
“This resilience will foster sustainability, enhance credibility with donors and empower them to face financial challenges with agility and strength,”Aniagolu said.
