Experts canvass green innovation, digital transformation for economic growth

Experts have canvassed for green revolution and digital transformation of Nigeria’s economy.

This submission was made at the 2024 Annual Lecture of the Nigeria-Britain Association (N-BA) held on Friday in Lagos.

Themed “Green Innovation & Digital Transformation: A Nigeria-UK Perspective,” the event brought together experts from various fields to discuss sustainability, technology, and the significance of international cooperation in achieving the United Nations’ Sustainable Development Goals.

In his opening remarks, the N-BA President, Sola Oyetayo, emphasised the relevance of the lecture in enhancing public discourse on green innovation.

He highlighted the importance of green solutions in transforming key sectors of the Nigerian economy, in line with advancements seen in the United Kingdom, with a focus on fostering stronger bilateral ties.

“Green Innovation and Digital Transformation are two powerful forces shaping the future of industries and society at large.

“Green Innovation refers to the development of new technologies, processes, and products that reduce environmental impact, promote sustainability, and contribute to the fight against climate change.

“Digital transformation involves integrating digital technologies into all areas of a business or sector, fundamentally changing how operations are carried out, and enhancing customer experiences.

“The synergy between green innovation and digital transformation offers a pathway toward a more sustainable future,” Oyetayo said.

Delivering the keynote address, Chairman and CEO of SAGLEV INC, Sam Faleye, explored the critical role of e-mobility in transforming Nigeria’s transport sector.

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He provided an overview of Nigeria’s current transport challenges and highlighted the country’s journey towards embracing green innovation, alongside the UK’s leadership in e-mobility.

Faleye outlined several key recommendations, including bilateral cooperation in infrastructure development, policy alignment, joint research into electric vehicle (EV) and battery technology, and the importance of public-private partnerships and increased funding for green initiatives.

The event, which was moderated by the Founder and Chief Operating Officer of Madecore Solar Storage, Toba Adenaike, was further enriched by a panel discussion featuring leading industry figures, namely CEO of Baobab+ Nigeria, Kolawole Osinowo; Head of Compliance and Sustainability at Meyana Energy Limited, Rinret Best; Co-founder and Chief Commercial Officer at Sika Box, Moses Sule; and Assistant Manager at Clean Technology Hub, Odion O. Ibadin.

The panelists highlighted the significance of green innovation across various sectors, such as energy production, transportation, urban planning, and finance. They also stressed the importance of digital transformation in addressing climate change and enhancing Nigeria’s agricultural sector.

Technologies such as artificial intelligence, the Internet of Things, blockchain, and data analytics were identified as key enablers of green innovation, capable of transforming business processes and driving sustainable development.

The panelists also addressed the growing interest in renewable energy and green technology in Nigeria, underscoring the importance of digital transformation and public-private partnerships in fostering innovative solutions.

It also highlighted the challenges faced by Nigerian businesses, particularly in terms of infrastructure and funding as significant barriers that need to be addressed.

The event organised in partnership with Tangerine Life Insurance, Tangerine General Insurance, NEM Insurance Plc, and Scib Nigeria & Co. Limited, provided a robust platform for insightful discussions on the future of sustainable development in Nigeria and the UK.

The N-BA Annual Lecture is a series inspired by topical and prevailing issues of interest to Nigeria, Britain and the world in general. The lecture brings together world leaders, government officials, business and thought leaders whilst drawing attendance across multiple countries, industries and sectors.