Amy Jadesimi, managing director of the Lagos Deep Offshore Logistic Base (LADOL) has urged African private sector to embrace the 17 Sustainable Development Goals (SDGs) of the United Nations as a template for their new economy business models.
Jadesimi, who was one of the speakers at the recent Women Working for Change (WFC) virtual Summit, stated that the African private sector is largely unencumbered by the legacy of non-sustainable businesses and investments.
“African companies would 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,” she said.
Continuing, she said: “The demographics of Africa offer a substantial opportunity for global wealth creation. However, we should recognise that the playing field is still tipped against local private companies. Organisations and investors that want to grow and benefit from the job as well as wealth creation in Africa, while ensuring that Africa industrialises sustainably, should ensure they put their support and money in the hands of sustainable African companies. Most of the current investments/support coming into Africa now are still being channelled into large monopolies and companies that maintain the status quo.”
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Jadesimi spoke on the importance of removing bottlenecks and hurdles obstructing indigenous private companies, whose growth was essential for continental prosperity, ‘roughly 80 percent of the jobs in Africa will be created by SME’s.
“Instead of funding mobile phone companies 30 years ago – investors funded landline companies in the hope that they would develop mobile technology. A step change is needed, and it will result in a win, win for everyone when it happens – as prosperity in Africa will drive global peace and wealth creation,” she said.
She further 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 percent male.
“So, achieving SDG Goal 5, female equality, and empowerment is necessary to achieving all the other goals. Given the huge market opportunities, the continent of Africa needs 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,” she added.
Jadesimi spoke alongside, Stephanie von Friedeburg, acting chief executive officer of IFC; Myriam Brigui, head of International Network Department, Proparco and Manon Karamoko, chief executive officer, Unilever Côte d’Ivoire on a panel addressing the topic ‘Coming Out on Top of the Crisis: Towards a More Sustainable Growth Model’.
