Bloomberg’s Philanthropic Efforts Inspire a Mindset Shift in Nigeria
In a groundbreaking move, Bloomberg Philanthropies has announced a transformative $600 million gift to four historically Black universities in the United States. This monumental donation is part of the Greenwood Initiative, a bold effort to accelerate wealth accumulation for Black individuals and families while addressing systemic underinvestment in Black communities.
The initiative’s goal is to reverse the lasting effects of systemic racism, which have prevented Black people from exercising their full economic power. The typical Black family has one-eighth of the wealth of the typical White family, and without bold intervention, this unacceptable status quo will persist.
Michael Bloomberg’s philanthropy is a testament to his commitment to reversing systemic racism and empowering the Black community. His actions demonstrate a deep belief in our common humanity and the urgent need for equity while promoting equality. This extraordinary gift builds upon the Greenwood Initiative’s 2020 contribution of $100 million, which relieved nearly 1,000 future Black doctors of burdensome debt.
The efforts of some Nigerian billionaires, such as AbdulSamad Rabiu, Tony Elumelu, Jim Ovia, Sir Emeka Offor, Prince Arthur Eze, and Mike Adenuga, are widely acknowledged. However, there is a need for a data-driven and systemic issues-resolving approach to philanthropy like Bloomberg’s effort to reverse historic and systemic racism.
The time is now for some of Nigeria’s wealthy elite to rise above self-indulgence and embrace a higher purpose. They should combine their luxurious lifestyles with a commitment to dismantling the chains of poverty and providing opportunities for those at the bottom of the pyramid. Another important lesson is the urgent need to stop the proliferation of poorly resourced new universities as monuments to personal egos and instead support existing institutions with endowments that can create lasting change.
For example, a two billion Naira endowment in a faculty of an existing university will leave a lasting impact on research, instruction, staff remuneration, and affordability for students. Public universities should offer opportunities to rename faculties after their funders to incentivize those who aspire for immortality.
As a people, we must learn from the positive examples set by others, rejecting the allure of superficial displays of wealth and embracing the power of impactful philanthropy. To transform our society, we must transform our sense of intentional giving to solve society’s challenges. The Bloomberg example should motivate a mindset shift to contribute to a better Nigeria – where no man is oppressed.
