Missio Invest, a Catholic firm, has reported disbursing $3 million to Nigerians since 2019 to support the startup of various businesses.
The Managing Director of Missio Invest, Keith Polo, disclosed this while addressing journalists at a workshop organized by the firm with the theme “Resilience and Diversification: Weathering the Storm of Unforeseen Risks.”
Missio Invest provides low-interest loans and technical support to Catholic-run social enterprises.
During the interaction, Polo stated that the firm has disbursed nearly $3 million in Nigeria since 2019, aiding enterprises in farming, healthcare, and education to help them overcome economic challenges.
“We hope to issue five to six new loans each year in Nigeria, potentially more if conditions stabilize. Despite inflation and other economic hurdles, we remain committed to expanding support for projects that serve vulnerable communities,” Polo said.
At the workshop, Catholic Church leaders in Nigeria called for a comprehensive legal and regulatory framework to support social enterprises, emphasizing the absence of policies specifically tailored to organizations that combine revenue generation with social impact.
Fr. George Ehusani, a former Secretary-General of the Catholic Secretariat of Nigeria, delivered the keynote address, highlighting how outdated laws hinder the operations of social enterprises, which often fall between regulations meant for either charities or profit-driven businesses.
“There are currently no specific legal frameworks guiding the operation of social enterprises in Nigeria,” Ehusani said.
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“The laws governing these entities date back to independence, with some being over a century old. Updating these laws is crucial to reflect current realities,” he added.
The Catholic priest emphasized the need for a legislative framework that distinguishes social enterprises from traditional charities and better supports their dual mission of addressing social needs while generating revenue.
“To address this, those involved in social impact may need to collaborate and engage legal experts to advocate for representation in the National Assembly. Legislators could then sponsor a bill to establish an organization overseeing social enterprises in Nigeria,” he suggested.
Participants at the workshop, including Catholic priests, also emphasized the importance of implementing structural and strategic changes to ensure the long-term sustainability of social enterprises.
They advocated for enhanced stakeholder engagement, income-generating models, and robust accountability systems. Furthermore, they encouraged Church-run social enterprises to explore new sectors such as advanced agriculture, mental healthcare, and technology to address evolving social and economic needs.
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