LADOL boss urges Lagos to leverage $12 trillion global market
The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi, has urged the Lagos State Government to “take a share of a new $12 trillion global market” by creating a level-playing field that enables private sector companies to compete and grow sustainable businesses.
Jadesimi, who spoke at the Ehingbeti Lagos Economic Summit 2021, said almost most of the new jobs the world needs, 680 million would be created by the private sector, particularly SMEs, and that the most profitable of these growing companies would be those that embrace sustainable business plans.
She said: “To achieve the Sustainable Development Goals SDGs), 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, the private sector, large or small businesses, is very critical. There is a great opportunity for low-income and high-growth countries like Nigeria to correct market failures by enabling the private sector to adopt sustainable business models.
“Lagos State can go a step further to push for faster implementation and growth of companies in the state by working with organisations such as the UNDP. UNDP recently launched its SDG Impact Standards to support funds in driving capital to where it is needed most.
“The Nigeria’s private sector has proven to be resilient, with a level-playing field and wide acceptance of impact standards, as criteria for funding, the private sector can soar,” she said.
Jadesimi was a Commissioner on the Business and Sustainable Development Commission that produced the 2017 report, ‘Better Business, Better World’. The report identified 60 biggest market opportunities related to delivering the global goals, in four verticals of food and agriculture, cities, energy and materials, health and well-being.
The commission’s work showed how achieving the global goals could open up an economic prize of at least $12 trillion by 2030 for the private sector and potentially two-three times more. Well over 50 per cent of the prize is located in high growth and low-income countries.
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