Lagos Deep Offshore Logistics (LADOL), alongside other 36 global business entrepreneurs, has started mapping out strategies to enable Africa benefit, not less than $1 trillion, from the estimated $12 trillion market value of emerging global economic system.
The $12 trillion projected market value, which evolved from the recent meeting of the world business leaders in London, under the aegis of Business and Sustainable Development Commission (BSDC), is expected to drive countries to economic growth within the next decade.
The Commission has a twin objective of mapping out the economic advantages that could be available to business if the United Nations (UN) Sustainable Development Goals are achieved, as well as highlighting how businesses can contribute to delivering such goals.
Amy Jadesimi, a member of BSDC that was launched in Davos in 2016, said the Commission in its meeting held at the weekend in Nairobi, Kenya, deliberated on ways of getting the African continent to optimally benefit from the huge market value, as they concluded that the continent could rake in $1 trillion from the projected US$12 trillion, if well harnessed.
According to Jadesimi, the Commission under the chairmanship of Mark Malloch-Brown, former deputy secretary–general of the United Nations (UN), believed that African entrepreneurs and economies can benefit and even help to develop significant economic opportunities if they pursue sustainable business models.
Jadesimi, however urged member countries to demonstrate commitment to the ideals of the sustainable development goals, beyond making it a mere paper work. “We need to show these ideas work not just in a report but on the business frontline.”
While noting that real development, particularly in Africa has been at slow pace, she pointed out that the world has seen huge social improvements and technological progress in the past 30 years.
“African companies are models for what can be achieved with ingenuity and innovation as they solve difficult social challenges. They are not wedded to old solutions and so here in Kenya, we see digital innovators delivering banking energy and health solutions. The speed of innovation and adoption is astonishing,” Malloch-Brown added.
He observed that the Better Business, Better World report launch in Nairobi, puts the African private sector in the drivers’ seat on the road to achieving sustainable development. “In Africa, entrepreneurs are bringing in new solution to development problems, and the opportunities are compelling.”
Also, the report stressed that a single one of the market hot spot-affordable housing, could create over 13 million jobs within a short period, adding that “risk pooling is the single largest monetary opportunity in Africa, valued at US$150 billion”.
Highlighting on some of its business models that are aimed at improving standard of living in Africa, the group listed two Case Studies in Food & Agriculture sectors in Nigeria where “Cold Hubs provides farmers in Nigeria with chilled storage rooms at food markets and farms to extend the shelf-life of perishable foods from 2 to 21 days.
“Farmers can buy crates in a modular, solar-powered walk-in cold room through a flexible pay-as-you-go subscription for US$0.50 a day per crate. By reducing post-harvest loss by 80 percent, therefore selling a larger portion of crops, small farmers can raise their income by 25 percent” it said.
The Commission hopes to work with companies to strengthen corporate alignments with the Global Goals which includes mentoring the next generation of sustainable development leaders; creating sectoral roadmaps and league tables that rank corporate performance against the Global Goals; and supporting measures to unlock blended finance for sustainable infrastructure investments.
AMAKA ANAGOR-EWUZIE
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