Washington, D.C., October 10, 2012—Leadership,
local knowledge, and financial sustainability are key components in creating
opportunity at the base of the economic pyramid, according to a new report
by IFC, a member of the World Bank Group.
Launched today, Being the Change:
Inspiring the Next Generation of Inclusive Business Entrepreneurs Impacting
the Base of the Pyramid highlights the personal stories of the leaders
of some of IFC’s inclusive business clients. These clients have developed
innovative and successful business models that expand access to goods,
services, and livelihoods for poor people, while generating strong financial
“By bringing low-income producers and consumers into their supply chains,
these companies are pioneers,” said IFC Vice President, Business Advisory
Services Nena Stoiljkovic. “Creating inclusive business models in developing
economies is a top priority for IFC, and critical in building prosperity.”
Based on interviews with 14 founders
and CEOs of IFC client companies, including Deji Akinyanju of Food Concepts
Plc. in Nigeria, the report identifies a number of lessons on inclusive
business, including the need to balance short-term returns with long-term
goals and the importance of knowledge of local conditions, needs, and capabilities.
The stories also reflect the overarching optimism these leaders share about
the future of inclusive business.
Since 2005, IFC has invested over $7 billion in more than 300 companies
that focus on inclusive business models in over 80 countries, reaching
250 million people. IFC aims to increase the number of financially sustainable,
inclusive business models operating at scale to help address the issue
of access to goods, services, and livelihoods for billions of low-income
For more information about inclusive
business at IFC, including the report, previous publications, and case
studies, visit www.ifc.org/inclusivebusiness.
About Food Concepts Plc.
Headquartered in Nigeria, Food Concepts
is a leading West African quick service restaurant and bakery operator.
Its main line of poultry restaurants, “Chicken Republic,” launched in
2004 and now has 65 outlets in Nigeria and Ghana. To facilitate backward
and forward integration strategies, the group also comprises Butterfield
Bakery Nigeria (includes 9 plant bakeries) and Free Range Farms (a state-of-the-art
poultry farm and poultry processing plant). Food Concepts works closely
with its network of small-scale suppliers and distributors, providing them
with inputs and training and working to improve their livelihoods. It has
also added Pizza Republic and Reeds, a fine-dining Thai fusion restaurant
to its portfolio.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.