$350bn extra revenue possible for Africa

New opportunities identified in Africa can deliver over $350 billion per year in extra revenue and cost savings, while reducing risk, building trust and driving dramatic social and environmental value for the continent.

Theses are some of the findings of a study on the continent,titled “Reimagining Africa’s Future: A Blueprint for Sustainable Business In Africa”  conducted by Global management consulting, technology services and outsourcing company; Accenture and a voluntary coalition of South African and multinational companies; the National Business Initiative (NBI), released today at the World Economic Forum (WEF) currently taking place in Cape Town, South Africa.Three business leaders were selected as‘Champions’ to spearhead the initiative study based on their commitment and significant contribution towards sustainable business practices across Africa. They are Aigboje Aig-Imoukhuede, president of the Nigerian Stock Exchange (NSE); Robert Collymore, Chief Executive Officer of Safaricom Limited and Sizwe Nxasana; Chief Executive Officer of FirstRand Limited.

Accenture and the NBI together with African and global business leaders from across the continent, partnered to develop this innovative new study with the aim of helping businesses operating in Africa to identify and deliver key innovation opportunities to build a more sustainable future.

The report is based on consultations with over 70 CEOs and world business leaders from Africa’s leading companies, and suggests that scaling innovations in four categories – new consumption opportunities, collaborative operating models, resource efficiency, and trust through transparency – can help drive development across the continent.

The report offers a blueprint for unlocking these high-value opportunities, advising companies to focus on three key transformation steps. One of these is crafting a corporate strategy that drives clear business and stakeholder value, based on information from the field.

It further proposes evaluating the internal organisational requirements to deliver new sources of revenue, as well as the external and internal specifics of establishing an operating model to deliver shared value. Also on the bill, is delivering on the strategy—systematically transforming their supply chain, operations and products and services.

Speaking on the launch, Aig-Imoukhuede stated, “We need a new era of enlightened leadership. We must ensure we are delivering much more than just profits – we have to actively improve people’s lives”.

He further stated that “Business is not just about market share or market capitalisation – it is about creating a better future. It’s clear we have to work together on sustainability to make this happen.”

This is the first study to put a monetary value to sustainability innovations in Africa.

The study also provides a clear business rationale for transformation, supporting this vision through a practical blueprint to help businesses transform over the next decade. Some of the business leaders consulted for the study include,  Colin Coleman,  Managing Director South African Office, Goldman Sachs International;  Aliko Dangote, President and CEO Dangote Group; Mark Bowman, Managing Director SABMiller;  StephenOnasanya, outgoing CEO First Bank of Nigeria Limited; Herbert Wigwe, CEO and Group Managing Director Access Bank Plc;  Osagie Okunbor, Managing Director Shell Petroleum Development Company of Nigeria Limited and Nicky Newton-King, CEO Johannesburg Stock Exchange.