A key action point for corporate organizations from the WIMBIZ Town Hall Meeting held on Friday, 16thMay, 2014 was the need to invest in the “bottom of the pyramid”.
More than 50% of Nigerians live on less than $2 per day, the global poverty line, which indicates that Nigeria has a large untapped market at the “bottom of the pyramid”.
There are many social and economic benefits to corporate organizations that invest in this segment of the economy, including the benefits of numbers.
Corporate organizations looking to invest may build elements of their business in disadvantaged communities in Nigeria, which is less expensive and has potentials for significantly improving the lives of people in the community by providing employment, etc. This approach to investing in the bottom of the pyramid will lead to more long-term, high gain rewards for the company, community and nation at large. For example, establishing an industry in a disadvantaged community and employing young people in that community will ensure the sustainability of the business, reduce crime and develop sustainable livelihoods for the community.
Are there any other ways you would suggest corporate organizations could help? Or are you aware of any corporate organizations that are already investing in the “bottom of the pyramid”? Please leave a comment below for suggestions of investment ideas that corporate organizations can apply to their business models to help build these crisis areas back up as they recover from the destruction caused by Boko Haram.