• Monday, February 26, 2024
businessday logo


How sustainability model can fuel Nigeria’s economic growth

How sustainability model can fuel Nigeria’s economic growth

Stakeholders have said embracing sustainability is crucial to ignite rapid economic growth in Nigeria. Speaking at the 2023 Nigeria Sustainability Summit last month, Arshad Rab, Arshad Rab, CEO of the European Organisation for Sustainable Development and chairman, of the International Sustainability Council, said there is a need for a shift towards sustainability-certified financial institutions.

“These institutions will be crucial in propelling Nigeria from its slow-paced conventional economy to a 21st-century model driven by innovation and high-speed progress,” he said.

He added that the Octagon value creation model, a sustainability standard, that includes; governance, management technology, business models, operations, products, stakeholder relations and human capital.

He noted that the Octagon value model delivers a system to identify, evaluate, prioritize, manage and report opportunities emerging from the drive to create a new economy that is socially inclusive, resource-efficient, low or zero emissions, green and sustainable.

“Octagon value creation model ingrained sustainability in the soul of the organisation.”

According to Philip Madamombe, director of banking supervision, at the Reserve Bank of Zimbabwe, the fundamental shift from a crisis-prone economy to fostering high-value socially inclusive, green and climate-friendly economic development of Nigeria, is through a sustainability-driven financial industry, an active engagement of the corporate sector and other major economic players.

Jide Akintunde, publisher of Financial Nigeria magazine, said for any organisation, particularly a financial institution, investing in robust leadership at the board level is of paramount importance for achieving long-term success, especially when prioritising investments in sustainability initiatives.

“Investing in leadership, particularly at the board level, is crucial for any organisation, especially financial institutions. It’s a wise decision that goes beyond addressing traditional challenges and paves the way for new and groundbreaking solutions,” he said.

Akintunde noted that by diligently navigating the eight facets of the Octagon model, organisations can unlock the true potential of the SSCI initiative.

“It’s a roadmap towards not just financial success, but also towards creating a more sustainable and equitable future for all.”