The Migration and Development Impact Foundation(MDIF), in collaboration with Ford Foundation, has urged Civil Society Organisations (CSOs) to build financial resilience in order to achieve sustainable growth and development.
The foundations gave the advice on Friday in Abuja at the opening of a two day capacity building workshop for CSOs.
The workshop is tagged “Human Capacity Building Growth and Development–Future Forward.”
Mrs Margaret Ukegbu, Chief Executive officer, MDIF, said it was important to empower CSOs and individuals with the right tools to navigate economic challenges effectively.
She said that by providing CSOs with financial literacy training, access to resources and fostering entrepreneurship, they would be equipped to weather financial storms.
“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,” she said.
In her remarks, Chichi Aniagolu, Regional Director (West Africa), Ford Foundation, said that building financial resilience was crucial for CSOs as it enabled them to navigate 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. (NAN)
