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Abstract The eradication of extreme poverty remains an intractable global challenge. This paper explores social innovation (SI) as a strategy for fostering sustainable poverty reduction in a developing country, Nigeria. Analysis is based on semi‐structured interviews with founders of SI initiatives. Findings indicate SI as a sustainable poverty reduction strategy because it addresses: (i) some underlying causes of poverty such as poor nutrition and lack of access to education; (ii) different dimensions of sustainability (i.e., economic, social and environmental). The study also identifies socially innovative cultural practices such as traditional rotational saving/credit and apprenticeship schemes which help eradicate poverty by ensuring improved access to finance and encouraging entrepreneurship. Furthermore, results indicate local SI initiatives in Nigeria are largely private sector‐led, while a weak institutional environment hampers expansion. The study highlights the need for policy aimed at identifying, strengthening and scaling up innovative local practices, and creating favourable framework conditions for SI.
Ipinnaiye et al. (Wed,) studied this question.