Experts task corporate entities on sustainable investment for growth

The benefits of having experts gather to deliberate on issues of national concern is the hope that they will proffer solutions to nagging economic problems, and one of the major issues confronting Nigeria, and indeed Africa, today is how to turn economic opportunities into sustainable investment.

This, experts believe has become imperative considering the huge youth population of Africa, which is expected to surpass those of India and China by 2040. In is in the light of this that experts who gathered at the FirstBank Sustainability forum at the Lagos Business School in Pan Atlantic University, Lagos, recently underscored the need for greater effort to produce jobs for the youths.

In their words, job creation should be part of sustainable solutions by businesses as only being meaningfully employed or engaged in jobs confer more dignity on beneficiaries than providing aid and handouts

These expert views were contained in a communique that captured the thoughts of the speakers which included the CEO, Goldem Palms Investments, Ghana and USA, Mr. Sangu Delle; Group Head, strategic partnerships and initiatives, Equity Bank, Kenya, Dr. Olajobi Makinwa; Chief Transparency & Anticorruption and Africa, UN Global Compact, Mr. Jumanee Tafawa; and CEO, Tolaram Group, Mr. Deepak Singhal and others.

The communique noted among other economic measures to be taken to encourage economic growth, was that Africans must think of ways to create sustainable businesses that will at once make impact on the society, adding that this will be done by generating employment and ensure returns on investment for its shareholders

It however, cautioned that this does not excuse the need for good governance by the government. “

“This is absolutely necessary in order to create the necessary environment for businesses and entrepreneurs to flourish. Both the public and private sector need to work together to transform Africa”

The forum noted that “business can be used as a force for good. It can be used to transform people’s lives, educate and empower them, even while the shareholders make good returns on their investments.

The communique also acknowledged that businesses could do a lot to put Africa on the world map, and to do this, however, efforts should be made to ensure gender balance and equity in the society; abolish the current visa regimes that inhibit travel across the continent. Encourage inter- African trade, which they noted currently stands at a negligible 16 per cent. This is in addition to putting mechanisms in place to encourage, empower and support young entrepreneurs in Africa to create sustainable businesses that will impact positively on the society

The experts also noted that since businesses enjoy so much power, they must also accept the responsibilities that go with it. “For where there is power, there is also responsibility. With the understanding that businesses operate in society and are also affected by societal problems, therefore solving nagging societal problems can be very good for businesses.

It was recommended that businesses should key into the United Nation’s Sustainable Development Goals and play their part towards ending hunger, poverty and helping to ensure prosperity for all.

It was also restated that businesses must also think and act long term. “The only way to do this is by adopting a good corporate governance culture. Corporate governance – simply meaning – decent behaviour – is part of the DNA of how businesses should function.

“In the long run, it affects the bottom line because the trend globally is to do business more with companies with a solid reputation of good corporate governance. To encourage and demonstrate the importance of good corporate governance to companies, policies could be designed to rank companies on a corporate governance scale.

“This would ensure that companies with good corporate governance get patronised while those that are corrupt risk losing good businesses. This will serve as incentive for businesses to improve their corporate governance culture.

Finally, the expert team noted that Africa must continue to encourage innovation and entrepreneurship in its youth. This is the surest way to solve the unemployment problems in the society.

“Greater encouragement and support for innovators and entrepreneurs in Africa to create sustainable businesses. Sustainable businesses are always built around empowering people and helping to solve society’s problem”.