The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi, says Lagos State can take a share of a new USD 12 trillion market by creating a level playing field that enables private sector companies to compete and grow sustainable businesses.
According to Dr. Amy Jadesimi, almost all the new jobs the world needs, 680 million, will be created by the private sector, particularly SMEs; the most profitable of these growing companies will be those that embrace sustainable business plans and targets.
Jadesimi stated in her remarks yesterday at the Ehingbeti Lagos Economic Summit 2021, in a panel season tagged ‘Mainstreaming Sustainability in Governance and Business.’
“To achieve the Sustainable Development Goals, we have to embrace the fact that the private sector is going to be the driver. In a country like Nigeria and in a state like Lagos it is the private sector, large or small that is going to be critical. There is a great opportunity for low-income, high-growth countries like Nigeria to correct our market failures by enabling our private sector to adopt sustainable business models. Lagos State can go a step further and push faster implementation and growth of companies in the state by working with organisations such as the UNDP. UNDP has recently launched its SDG Impact Standards to support funds in driving capital to where it is needed most. UNDP’s suite of impact standards will help make sustainable businesses bankable, based on a market case and give them greater access to funding.
The Nigerian private sector has proven itself to be hardworking and resilient, with a level playing field and wide acceptance of Impact standards, as criteria for funding, the private sector can soar.
“Lagos is already a powerhouse for Africa – by driving sustainable private entrepreneurship and commerce, creating a level playing field and adopting impact standards such as those produced by the UNDP – Lagos could shortly be transformed into a powerhouse for the world,” she said.
Other members of the panels were Mr. Young David, MD & Senior Partner, BCG; Dr. Gloria Udoh, Social Performance Manager, Shell; Dr. Chioma Nwachuku, GM External Affairs and Communication, Director AGPC (Anoh Gas Processing Company) Seplat; Mrs Titilola Alabi, Sustainability & Public Affairs Manager, Diageo Nigeria.