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How Nigeria can tap into $12tr global sustainable business

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Amy Jadesimi. Photo: TWITTER/LADOLFREEZONE

For Nigeria to tap into $12 trillion global sustainable business, there is a need for the nation to key into building a strong supply chain is sustainable local industrialisation.

Managing Director, LADOL Free Zone, Dr. Amy Jadesimi, in a presentation at the 2021 SPE Nigeria Council Annual Technical Symposium, stated that the best way of achieving that is to support and enable thousands of new sustainable Nigerian businesses across a wide range of industry.

According to her, these businesses may well currently be businesses that primarily support the petroleum sector but which in future could transit to primarily support other industries from agriculture to urban building and green energy.

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She said: “The key to having strong supply chains in Nigeria is industrial development and diversification. The data shows that the most profitable businesses and those that will have increased access to finance are sustainable businesses.

“Nigeria has an unmatched opportunity to grow and industrialise sustainably. Sustainable business models work across all industries. In fact, in just four sectors – healthcare, agriculture, energy, and urbanisation – there are $12 trillion of sustainable business opportunities. As one of the fastest-growing countries in the world, our need is greater than most and our reward will be greater than most if we latch on to these opportunities now.” she said.

Jadesimi explained that oil and gas are an integral part of Nigeria’s economy not only because the country is an exporter but also because petroleum currently drives and is an integral part of every economy across the world. But the world economies have almost universally committed to shifting away from petroleum towards greener solutions.

“We are living in a world where the largest country in the world, led by President Joe Biden’s administration, is making green commitments, not just in terms of transitioning but also in terms of investment today, far beyond the commitments made by previous leaders. UK, Europe, and countries in Asia are doing the same.

“Even if we don’t transit our economy, we will end up being forced to. But that is the wrong way to look at this global shift. Rather this shift is a chance for us to build the right way and achieve sustainable industrialisation ahead of wealthier countries, which have to backward integrate. Especially since technologies are getting cheaper.

“In summary, we need to industrialise to protect and strengthen our supply chains today – doing so sustainably through the local private sector will yield greater profits now and, in the future, unable to get access to cheaper, longer-term funding and put us at the forefront of a worldwide transition. While this transition could take another 20 to 30 years, there is no doubt that it is needed, it has started, and it will happen.

“To secure our supply chains today, to secure our economy and industries tomorrow, we must develop more local eco-systems, just as we have done in LADOL, which support a wide range of industries,” she said.

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