The Indigenous economy in Canada is seeing “hockey-stick” growth and has the potential to reach $100 billion and beyond, says the CEO and founder of the Indigenomics Institute.
“Its rise is also only at the beginning of the hockey stick,” said Carol Anne Hilton, the CEO and founder of the institute, referring to the pattern of an uptick in exponential growth after a long period of stagnation.
“Let's play hockey and let's score… We are a powerful people and let's have the courage to do this together,” added Hilton, who is of Nuu chah nulth descent from the Hesquiaht Nation on Vancouver Island.
Her comments came during her keynote presentation at Scotiabank’s recent conference on Intentional Reconciliation: Lessons, Leadership, and Ideas for Corporate Canada and Beyond.
The hybrid event held last month focused on economic reconciliation and included discussion panels with speakers from First Nations Finance Authority, Agnico Eagle Mines, Telus, PWC and Cedar Leaf Capital, the first majority Indigenous-owned, Indigenous-led investment dealer.
Also during the summit, the Bank launched its first Truth & Reconciliation Action Plan, which outlined 37 commitments aimed at re-establishing trust with Indigenous Peoples. The commitments in the inaugural plan across six different pillars range from a commitment to support Indigenous employees with specialized leadership training to build up the boardroom talent pool to increasing procurement from Indigenous suppliers.
“We see this moment as a generational opportunity to advance reconciliation,” said Scott Thomson, President and CEO of Scotiabank, during the conference. “And we are committed to supporting the meaningful and progressive actions outlined in our plan to help advance inclusion and opportunity for all Indigenous Peoples.”
The rise of Indigenous economic power is a collective demonstration, and I remain in awe.”
Hilton’s keynote speech focused on the rise of the Indigenous economy and economic reconciliation, and how government policies such as the Indian Act have prevented Indigenous Peoples from participating. She referenced her first book, released in 2021, entitled Indigenomics: Taking a seat at the economic table.
“That seat at the table was denied to us, essentially through the denial of our existence, the denial of our identity,” she said during her presentation at the conference.
The Indigenous economy has seen an uptick in growth in recent years, according to the latest figures from Statistics Canada. Gross Domestic Income earned by Indigenous people was estimated at $56.1 billion in 2021, up 10% from $51 billion in 2020 and a whopping 56.6% from $35.6 billion in 2012.
“We are looking at the face of Indigenous economic power,” said Hilton.
She also described the “fire of economic justice” underway, as Indigenous Peoples over the past few decades have taken their cases to court to assert their rights, including to the land and its resources.
“The expression of economic justice happens in the courtrooms, and it lives within the Canadian economy,” she added.
Hilton also pointed to the rise of Indigenous leaders such as Ernie Daniels, who became the first Indigenous board member at the Bank of Canada in January 2023. Daniels, from the Salt River First Nation in the Northwest Territories, is also a residential school survivor.
“The rise of Indigenous economic power is a collective demonstration, and I remain in awe,” said Hilton.
With the power and potential that is built into this generation of Indigenous Peoples, she is confident that the resulting Indigenous economy will reach beyond the $100-billion mark in Canada.
“The potential of $100 billion Indigenous economy is not only essential for Canada's future, but we're actually already looking at it,” Hilton said.
