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Social Economy

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Social Economy refers to a universe of organizations based on the primacy of people over capital; they are providing goods, services and/or jobs to the community at large with a long-term perspective. Social economy seeks to answer social and societal challenges by identifying and delivering services that improve the overall quality of life of individuals and communities which in turn produce an all-inclusive growth process.

The Social Economy contributes to the implementation of several key developmental objectives, such as employment creation and retention, social cohesion, social innovation, infrastructure, rural and regional development including international cooperation and development, environmental protection amongst others. Indeed, its role has become even more significant in recent years, as social economy organizations have proven to be a major force in confronting the economic crisis affecting the world.

The Social Economy Organizations (SEO) have grown in number and relevance, contributing to employment, social inclusion, democratic participation and community building but much remains to be done in order to create the necessary enabling environment to support their creation and development and as well mainstream the sector in economic and social policies.

NCDF introduced Social Economy and Inclusive Growth Initiative (SEIGI) to help the growth and sustainability of social economy organizations through financial and non-financial intermediary programmes and services. The social economy organizations include co-operative societies, credit unions, mutual societies, foundations, associations, social enterprises, paritarian institutions, and other community-based groups that share common values and features.

More recently Nigerian Capital Development Fund became the first FairShares institution in Africa to advance new ways of distributing wealth and ensuring there is equity in the distribution of benefits from economic development and business activity. The SEIGI will introduce participating organizations to the concepts, principles, values, and methods of FairShares. It will help them understand the change in thinking, attitudes, and behavior that comes with following good practice.

We understand the need to develop new solutions for our society challenges particularly the issues that confront the informal sector of the economy which has been ignored (or inadequately fulfilled) by the private or public sectors. We aimed to create a strong, sustainable, prosperous and inclusive society.