The Lagos Deep Offshore Logistic Base (LADOL) has urged African private sector to embrace the United Nations 17 Sustainable Development Goals (SDGs) as a template for their new economy business models.
Its Managing Director, Dr. Amy Jadesimi, stated this while speaking at the Women Working for Change (WFC) virtual summit held yesterday.
Jadesimi spoke on the importance of removing bottlenecks and hurdles deliberately put in the place of indigenous private companies, whose growth was essential for continental prosperity, adding that about 80 per cent of the jobs in Africa will be created by small medium enterprises (SMEs).
“African private sector is largely unencumbered by legacy non-sustainable businesses and investments. This means that these African companies are set to flourish if they build businesses with new economy sustainable plans and targets. There is now no doubt that sustainability equals profitability, as proven in the Business and Sustainable Development Commission’s (BSDC) publication “Better Business Better World”, launched in 2016. The BSDC’s report identified $12 trillion in market opportunities for companies that focused on sustainable business models,” the LADOL chief said.
She explained that women consistently lead on sustainability and the evidence clearly shows that companies with women in leadership positions significantly outperform those that are 100 per cent male. “So, achieving SDG Goal 5, female equality, and empowerment, is necessary to achieving all the other goals. For the continent of Africa, given the huge market opportunities, need to create new local companies and grow old ones – there is an urgent need to ensure that women are given the support they need to take leadership positions in the private and public sector,” Dr Jadesimi said.
According to her, the demographics of Africa offer a substantial opportunity for global wealth creation. However, she noted that the playing field is still tipped against local private companies. She therefore called on organisations and investors that want to grow with and benefit from job and wealth creation in Africa, should ensure that Africa industrialises sustainably and also ensure that they put their support and money in the hands of sustainable African companies as most of the current investments / support coming into Africa now is still being channeled into large monopolies and companies that maintain the status quo.
Other discussants on the panel were Stephanie von Friedeburg (Acting Chief Executive Officer, IFC); Myriam Brigui (Head of International Network Department, Proparco) and Manon Karamoko (Chief Executive Officer, Unilever Côte d’Ivoire). The topic discussed was “Coming Out on Top of the Crisis: Towards a More Sustainable Growth Model”.
