Category Archives: News
Dr. Amy discusses essential changes for investors to benefit from major global growth markets with the BBC
Dr Amy, shared her insights with the BBC on the key changes required for local and international investors to fully capitalise on the immense growth opportunities presented by the largest global markets. Her vision is grounded in a deep understanding of the African business landscape and a commitment to sustainable development. In her interview on BBC Business Daily, Dr Jadesimi shed light on the real changes needed to unlock the potential for investors to thrive in these dynamic markets.
Ladol MD BBC Podcast on Business Daily
Recognising the Power of Local Knowledge:
According to Dr Jadesimi, one crucial aspect for successful investment in growth markets is the recognition and utilisation of local knowledge. She emphasises the importance of partnering with local experts who possess a deep understanding of the cultural, economic, and regulatory nuances of these markets. By incorporating local insights into investment strategies, investors can navigate challenges more effectively and capitalise on the immense opportunities that exist.
Prioritising Long-Term Sustainability:
Dr Jadesimi stresses the importance of adopting a long-term perspective when investing in global growth markets. Instead of focusing solely on short-term gains, she advocates for sustainable investments that generate long-lasting positive impact. By considering environmental, social, and governance factors, investors can align their interests with the needs and aspirations of local communities, ensuring mutual prosperity and sustainable growth.
Addressing Infrastructure Gaps:
Infrastructure deficiencies continue to hinder economic development in many growth markets. Dr Jadesimi emphasises the urgent need for substantial investments in critical infrastructure sectors such as transportation, energy, and telecommunications. Bridging these gaps will not only facilitate the growth of local businesses but will also attract more international investors who seek reliable and efficient infrastructure networks.
Mitigating Risk Perception:
One major challenge faced by investors is the perceived risk associated with growth markets. Dr Jadesimi suggests that accurate risk assessment and transparent communication are vital to overcome these perceptions. By providing comprehensive information, fostering trust, and ensuring fair regulations, governments and business leaders can instill confidence among potential investors and foster an environment conducive to long-term investment.
In Conclusion, Dr. Amy Jadesimi’s insights offer valuable guidance to both local and international investors seeking to harness the potential of the largest global growth markets. By recognizing the power of local knowledge, prioritizing sustainability, addressing infrastructure gaps, and mitigating risk perception, investors can position themselves to benefit from the immense opportunities these markets present. Dr. Jadesimi’s vision of inclusive, sustainable growth serves as a blueprint for unlocking the full potential of global growth markets and promoting shared prosperity.
LADOL Stakeholders Celebrate 5 years of ISO 9001 Compliance
LAGOS August 19, 2022:
The stakeholders of LADOL Free Zone were in high spirits last week after the company once again passed its ISO 9001 audit with flying colours. Having 5 years of ISO 9001 compliance makes LADOL one of the most compliant terminals in Nigeria and one of a small handful that have this certification.
It will be recalled that in 2020, LADOL became the first company in North and West Africa to be ISO 45001 certified. Earlier in the year, LADOL already renewed and retained its International Organization Standardization, ISO 45001:2018+14001:2015
ISO 9001:2015 is a company level certification based on the standard published by the International Organization for Standardization titled “Quality management systems-Requirements”. This standard revises ISO 9001:2008 to include requirements for a new, higher level structure as a common framework to all ISO management systems, risk-based thinking in quality system processes, fewer prescribed requirements with less emphasis on documentation, clear definition of quality management system boundaries and increased leadership requirements. ISO 45001:2018 is for Occupational Health and Safety, OH&S, while 14001:2015 is for Environment Management Systems.
The external audit leading to the successful renewal of LADOL’s QMS compliance certification was rigorous and thorough. The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi has described the successful renewal of the company’s International Organisation Standardisation, ISO 9001: 2015 Quality Management System, QMS as a being thanks to the staff, management and all stakeholders in LADOL.
Dr. Amy Jadesimi said “Compliance is a way of life for LADOL. In these tough times our high levels of compliance have been critical to us working reliably and safely in the market. This audit also included LADOL’s commitment to and execution of its sustainability plans. In fact, LADOL joined the UN Global Compact and the UN CFO Taskforce in 2021,”
SHI-MCI and LADOL settled their differences and reaffirmed partnership.
7th February 2022 After over three (3) years of dispute, Samsung Heavy Industries (SHIN) Nigeria Limited and LADOL Integrated Logistics Free Zone Enterprise (LADOL) have executed a settlement that resolves the historic and outstanding issues currently before the Nigerian and international courts to bring the two sides back together in a lasting partnership.
The joint venture between SHIN and LADOL was established when SHIN was awarded the $3.3billion Egina FPSO project, which required the construction of the fabrication and integration yard to carry out the in-country aspect of the Egina Project.
However, the friction between the two parties began in 2018, which continued to escalate, leading to a total breakdown of communications and engagements between the two parties, resulting in the court proceedings in 2018.
Over the years, several governments agencies have intervened and assisted the two parties greatly in achieving this settlement. SHIN and LADOL would like to thank the Nigerian and South Korean Governments for their assistance and interventions. This landmark agreement, which demonstrates SHIN’s ongoing commitment to its subsidiary, SHI-MCI, and Nigeria, and LADOL’s commitment to consolidating and continuing the development of LADOL Free Zone to help ensure that Nigeria becomes an African hub for industrialization, ensures that SHIN and LADOL can work together as shareholders in SHI-MCI.
SHIN and LADOL have welcomed the settlement agreement, which will be registered as an official Judgment in the High Court in London. It will also be registered in the respective courts in Nigeria. In addition, the settlement agreement has been approved by the Nigerian Ports Authority (NPA) and the Nigerian Exports Processing Zones Authority (NEPZA).
The settlement agreement confirms that the Shareholders Agreement between SHIN, SHI-MCI, and MCI FZE Yard Development Limited (MCI), dated 1 July 2014 remains valid, and the current shareholding of SHI-MCI is held in the following proportions: SHIN 70% and MCI 30%.
The settlement agreement also provides for a new sublease agreement which has been executed between SHI-MCI and Global Resources Management Limited (GRML), with the NPA as the head-lessor to GRML. Importantly, the new sublease agreement is long-term and is one day less than the term of the head lease between the NPA and GRML.
NEPZA, as part of its statutory duties and role as administrator of all NEPZA free zone areas in Nigeria, shall continue to be responsible for the issuance and renewal of SHI-MCIâs Operating Licence. NEPZA has previously issued an Operating Licence to SHI-MCI in the form of a National Operating Licence dated 4th October 2021, valid for three (3) years.
On the settlement agreement, Mr. Ladi Jadesimi, the Chairman of LADOL, commented the following:
“The disagreement between LADOL and Samsung has been laid to rest in the interest of the Nigerian economy. He said, âThis settlement brings to an end the dispute between the LADOL and SHI Groups, which has been lingering for a little while and it became critical that it be sorted out. Now it has been completely resolved. The key thing is that we have been able to come back together peacefully cementing a far stronger joint venture going forward. LADOL will continue to invest in and support a range of developments and industries in the LADOL Free Zone, from agriculture to green energy, ensuring Nigeria becomes a sustainable industrial Hub in Africa.”
Mr. Jejin Jeon, Managing Director of SHIN, said, “After many years of legal proceedings that have severely hindered SHINâs ability to operate in Nigeria and threatened its contribution to Nigerian employment and the economy, this settlement is a definitive statement in favor of SHI-MCIâs right to operate in the LADOL Free Zone.
In recognizing that Samsung Heavy Industries (Nigeria) lawfully holds 70% of the shares in SHI-MCI, the settlement acknowledges our extraordinary contribution to the LADOL Free Zone and its role in the economic development of Nigeria.
Before the Egina project, most maritime construction for African oil and gas projects took place outside of Africa. Nigeria did not have the capacity to fabricate and integrate an FPSO locally. Thanks to our investment in the SHI-MCI yard, we have established Nigeria as a fabrication and integration hub on the African continent.
Over 6 years, SHIN has trained 600 Nigerians from disadvantaged backgrounds in a comprehensive welding qualification programme, in one of the most advanced welding academies in Nigeria. This has contributed to 560,000 man-hours of training in total. In addition, SHIN has directly employed 2,500 Nigerians with a further 5,000 employed by our suppliers, working in highly specialized skills and roles. This has moved the dial in practical termsâwith the local contribution rising from sub 1% to over 25%.
SHIN is devoted to Nigeria, the people, and the economy. Its focus remains to execute the plan to make Nigeria the hub for fabrication and integration works supporting the oil and gas industry and infrastructure development and ensuring SHI-MCIâs participation in future fabrication and integration projects. SHIN is deeply committed to the ongoing and future projects in Nigeria and as part of SHI-MCI, we plan to invest in future projects in the coming year and remain focused on creating and delivering mega deep offshore projects for Nigeria.”
As shareholders of SHI-MCI, both SHIN and LADOL expect a conducive environment for uninterrupted business activities without any disruptions or challenges to operate in the LADOL Free Zone.
Samsung looks forward to achieving its future mega deep offshore projects for the mutual benefit of both parties under SHI-MCI.
SHIN and LADOL commend both NEPZA and NPA for facilitating and achieving this milestone agreement with the promise to ensure that it lives up to its expectations by supporting and monitoring both parties.
LADOL Continues to Lead in Compliance – Retains ISO 45001:2018, 14001:2015 Certifications
LAGOS January 14, 2022: LADOL Free Zone, LADOL has once again renewed and retained its International Organization for Standardization, ISO 45001:2018+14001:2015 certifications.
The certifications are part of the company’s efforts to continuously improve its management System of Occupational Health and Safety, OH&S and Environment Management System, EMS to meet and beat international best practices and it is arguably the first in West Africa at the time the company obtained its initial certification.
ISO 45001:2018 is for Occupational Health and Safety (OH&S), published in March 2018, while 14001:2015 is for Environment Management System. Retaining the certifications were achieved after a rigorous and transparent audit process conducted by four (4) Internationally recognized audit professionals.
Besides demonstrating LADOL’s unalloyed resolve to protect the environment from any negative impact that may arise from its operations and preventing work-related harm on LADOL’s employees, these global certifications affirm the organization’s determination to consistently comply with laws, regulations, relevant codes, and applicable international convention including the UN 17 SDGs and the UN Global Compact. This audit also took note of LADOL’s commitment to sustainability, including the fact that LADOL joined the UN Global Compact and the UN CFO Taskforce in 2021.
Commenting on the renewal and retaining of certifications Managing Director of LADOL, Dr. Amy said “I would like to that the staff, management, stakeholders and clients of LADOL – all of whom have played a role in enabling us to continually improve our compliance and rise above international standards.”
LADOL’s Governance, Risk and Compliance, (GRC) Coordinator, Babatunde Ipadeola said: “This shows LADOL’s commitment to providing safe and healthy workplaces by preventing work-related injury and ill health, as well as by proactively improving its OH&S performance. Also, Identifying and controlling the environmental impact of its activities, products, and services and continually improving its environmental performance.
Despite the challenges of 2020, LADOL has shown great professionalism in all areas, valuing life, and following best practices and international standards in carrying out her activities. This is also proof to all our customers and intending customers that we can be trusted to deliver value.”
CEO of 3FM Solutions Ltd, consultants to LADOL, Mr. Richard Omale said: “This recertification of LADOL affirms again that LADOL is a gold standard and positive reference point in the continent. The assessment and approval of LADOL’s maintenance and repairs facility provide limitless opportunities for LADOL and its clients who can take advantage of the waterfront and excellent logistical arrangement to deliver cost-effective life extension and repairs projects for offshore assets. 3FM Solutions remains a proud partner of LADOL. “
Editor’s Note
About LADOL:
LADOL is building the world’s first Sustainable Industrial Special Economic Zone (SSEZ). LADOL is using the UN’s Sustainable Development Goals (SDGs) to build a unique circular ecosystem, servicing a range of industries.
The Zone was developed out of a disused swamp and has been operational since 2006. Every year since then the infrastructure and facilities have grown and expanded. The Zone now provides a 24/7 efficient, safe, and secure location from which local and international companies, in a range of sectors, can start operating immediately. In 2017 LADOL disrupted the local oil and gas market, halving the costs of local support, and creating thousands of local jobs. LADOL is now focused on attracting and servicing a range of non-oil and gas companies, in sectors ranging from technology to agriculture. The sectors identified will work together to create a circular economy within the Zone. West Africa is one of the largest under-served markets in the world with the fastest-growing population. Industrial companies working in LADOL can service this market sustainably and profitably while creating tens of thousands of jobs. As the local market grows there will be a higher demand for locally produced products, a larger skilled workforce, and cheaper domestic operating costs.
LADOL is becoming a blueprint for the Sustainable Industrialization of Africa, turning Africa’s demographic dividend into global wealth creation.
LADOL MD Joins UNCTAD and GIZ to Launch “Handbook on Special Economic Zones in Africa: Towards Economic Diversification across the Continent”
21st October 2021: Dr. Amy Jadesimi, Managing Director of LADOL Free Zone, joined a high-level panel convened by UNCTAD (The United Nations Conference on Trade and Development) and GIZ (Deutsche Gesellschaft fur Internationale Zusammenarbeit GmbH), under the auspices of the World Investment Forum 2020, Investing in Sustainable Development, to launch the long-awaited “Handbook on Special Economic Zones in Africa: Towards Economic Diversification across the Continent”.
Despite Special Economic Zones (SEZs) having been widely used for decades, there is relatively little systematic research on their performance or social, economic, and environmental impact, especially in the context of Africa. UNCTAD’s World Investment Report 2019 presented a comprehensive analysis of the number and types of SEZs. However, large gaps remain concerning data on their design and on the benefits that they accrue to the host economy.
Similarly, although the implementation of the African Continental Free Trade Area (AfCFTA) agreement is set to impact SEZs on the continent significantly, there is a lack of research and policy guidance on how zones can adjust to the new regulatory environment. In this context, UNCTAD, with the support of GIZ, has developed a handbook for SEZs on the continent. The handbook provides best practices and policy recommendations across a wide array of topics relevant to zones and also features case studies from a number of different zones within and outside Africa.
In addition to the dissemination of the handbook’s findings, UNCTAD and GIZ are also arranging a series of technical cooperation workshops in different parts of Africa. The handbook and the related technical cooperation have a particularly strong emphasis on helping SEZs adjust to the new trade and investment environment in Africa, after the full implementation of the AfCFTA.
Dr. Jadesimi was one of the speakers at a round table held during the launch, alongside Mr. Harouna Niang (Consultant, and Former Minister of Industry, Trade and Investment Promotion, Mali), Mr. Ahmed Bennis (General Secretary, Africa Economic Zones Organization), Mr. Ken Poonoosamy (CEO, Economic Development Board of Mauritius, Mauritius)and Dr. Pierre Voges (CEO, Atlantis Special Economic Zone Atlantis SEZ Atlantis SEZ, South Africa).
Speaking at the event, Dr. Jadesimi strongly advocated the role Nigeria will play as the industrial hub for West Africa as well as being an economic engine for the rest of the continent, enabled by its free zone regimen “Nigeria is a natural pan-continental hub. Public and private free zones across the country will be able to drive local manufacturing using a range of models across the country from mono-industrial zones to multi-industrial and financial zones – all of which will create a multiplier effect on job creation.
The launch of this handbook will help trigger an influx of investment into these zones as it provides a set of global standards that investors can use to assess and invest in zones based on the strong market cases we have in Africa. This is another step towards making fit-for-purpose, long-term, low-cost funding available for free zones across the continent.” You can download the full report here: https://unctad.org/webflyer/handbook-specialeconomic-zones-africa
Editor’s Note: About LADOL
LADOL is building the world’s first Sustainable Industrial Special Economic Zone (SSEZ). LADOL is using the UN’s Sustainable Development Goals (SDGs) to build a unique circular ecosystem, servicing a range of industries. The Zone was developed out of a disused swamp and has been operational since 2006. Every year since then the infrastructure and facilities have grown and expanded.
The Zone now provides a 24/7 efficient, safe, and secure location from which local and international companies, in a range of sectors, can start operating immediately. In 2017 LADOL disrupted the local oil and gas market, halving the costs of local support, and creating thousands of local jobs. LADOL is now focused on attracting and servicing a range of non-oil and gas companies, in sectors ranging from technology to agriculture. The sectors identified will work together to create a circular economy within the Zone. West Africa is one of the largest underserved markets in the world with the fastest-growing population. Industrial companies working in LADOL can service this market sustainably and profitably while creating tens of thousands of jobs. As the local market grows there will be a higher demand for locally produced products, a larger skilled workforce, and cheaper domestic operating costs.
LADOL is becoming a blueprint for the sustainable industrialization of Africa, turning Africa’s demographic dividend into global wealth creation.
LADOL Makes Nigeria the Heavy Lift Hub of West Africa – Sets Another Record Performing 320-ton Heavy Lift with Quayside MTC Crane
September 19, 2021: LADOL Free Zone has set another ground-breaking record on Tuesday, September 07, 2021, as LADOL and Mammoet performed the first heavy-lift project in West Africa using the MTC 15 shore crane – the largest of its kind in the world.
The heavy-lift project involved the offloading and launching of a multi-Cat 320-ton vessel into the water using the MTC crane. The successful use of this crane opens a new era for heavy lift operations in West Africa. Using the MTC crane installed at LADOL’s quayside means that a major impediment to 100% local vessel fabrication and other large industrial projects taking place in Nigeria has been eliminated. Many Ports across the world, from Europe to America, lack the heavy-lift capabilities now installed in Nigeria. This automatically makes Nigeria the heavy-lift hub for West Africa. This giant step forward in maritime and industrial capabilities also comes with a 40% – 50% cost saving.
MTC -15 is the biggest installed shore crane of its kind in West Africa and has transformed LADOL quayside into a heavy lift terminal.
Recall that, in 2020, LADOL and Mammoet signed a strategic partnership, aimed at expanding LADOL’s capacity for project cargo handling and logistics for industrial sectors in West Africa. It enables LADOL to utilize Mammoet’s crane fleet, project cargo handling, and heavy lifting expertise, along with project management services to provide clients with more comprehensive and cost-effective solutions.
[metaslider id=4045]Commenting on the successful and historic heavy-lift project, Managing Director of LADOL, Dr. Amy Jadesimi said, “I’d like to thank all the stakeholders involved in enabling us to reach this momentous milestone and I’d like to thank the staff and management that worked 24 / 7 on this project and ensured that it was done safely and expeditiously at LADOL.”
The LADOL SHEQ Manager Mr. Michael Onobiokor commented on the project as well: “We want to appreciate everyone for the exemplary safety leadership that was demonstrated during this critical lift. The full cooperation and compliance of all those involved showed the truth and commitment we all have to put SAFETY FIRST.”
LADOL’s Executive Director, Business Development, Jide Jadesimi said “On the 7th of September 2021, the air was full of excitement and anticipation, history was being made with the first-ever heavy lift of its kind by a terminal in Lagos Harbour. The Mammoet MTC 15 heavy-lift crane hoisted the 320-ton boat into the air from the deck of the cargo vessel, which was berthed at the LADOL quayside. This high-tech lift was carried out by all stakeholders involved in perfect unison.”
“The decades of experience, hours of practice, unrelenting hard work, and constant flow of communication between all those involved meant that the project worked like clockwork. We’d like to thank the Nigerian Ports Authority, whose marine division supported the project, including the timely and skilled deployment of the NPA tugboats, which were instrumental in accurately maneuvering the large cargo vessel as the heavy-lift took place. We look forward to supporting a range of local and regional projects soon.”
Olivier Dirkzwager, Sales Manager Mammoet West Africa, said: “LADOL’s infrastructure combined with the MTC 15 crane – a unique piece of heavy lifting equipment, unlocks the smarter routes for heavy cargo in Nigeria. The successful delivery and the discharge of the multicat is a testament to that and is the first of many more successful projects.”
Field Ready and Ladol Upskilling Academy to host virtual meetings of the Field Ready Nigeria Alliance
On 2 June 2021, Field Ready and Ladol Upskilling Academy will host the Field Ready Nigeria Alliance virtual meeting.
The theme of the meeting is “Building a Workforce that Thrives”.
Keynote addresses on behalf of the Government of Nigeria will include:
- Boss Mustapha, Secretary to the Government of the Federation
- Simbi Kesiye Wabote, Executive Secretary, Nigerian Content Development & Monitoring Board (NCDMB),
- Ajuri Ngelale, Senior Special Assistant to President Muhammadu Buhari on Public Affairs (OVP), Nigerian Presidency
The meeting will incorporate a panel discussion with the focus “Building a flexible workforce that thrives despite uncertainty”. This discussion will include perspectives from companies representing some of the major industrial players and education institutions in Nigeria. Field Ready’s founder, Phil Andrews, will facilitate the session and will seek perspectives on building a quality entry level workforce and the role of industry in supporting our young women and men to secure decent work in the labour market. The panel includes:
- Wale Adediran, HR Director, Flour Mills Nigeria (FMN) and President and Chairman of Governing Council, Chartered Institute of Personnel Management of Nigeria (CIPM)
- Jide Jadesimi, Executive Director, LADOL
- Obafemi Omokungbe, Rector, Yaba College of Technology (Yabatech)
- Peju Adebajo, Industry Expert
- Olumide Adediji, Human Resources Manager, Fan Milk/Danone Nigeria
The meeting is by invitation only, it will be hosted on Zoom from 10:00-12:00 on Wednesday 2nd June 2021. To request a copy of the agenda and to register to attend, please make your request by emailing ng@getfieldready.com.
Elefedo Idachaba, Director of Field Ready Nigeria, said: “Ahead of the first Field Ready programme to launch at Yaba Tech later this year, we are delighted to be hosting this important meeting for Nigeria, focused on building a workforce that is fit for industry despite the past year’s uncertainties, by bringing leading government and industry representatives together”.
Jide Jadesimi, Executive Director Business Development said: “Nigerian Industry has enormous growth potential. The Construction sector is expected to grow by more than 9% per year from 2022 to 2031, almost tripling in value from $3.3 billion to over $9 billion.
But a lack of skilled workers – from carpenters and painters to electricians – is limiting the industry’s potential. Improperly trained workers slow down projects, increase risks and costs. Today, Nigeria imports workers to take on jobs that Nigerians will be doing tomorrow: with the right training and skills”.
Student representatives from previous Field Ready programmes
About Field Ready
Field Ready operates an Alliance of companies and government collectively to bridge the gap between young Nigerians leaving education and starting employment. The Field Ready employability programme prepares women and men with the skills, knowledge and behaviours needed to thrive in decent jobs with great companies. The first pilot programme will run at Yaba College of Technology in 2021.
About Ladol
The LADOL Group has been in business for over 15 years as the first indigenous African world class integrated shore base, operating in the West African sub-region. USD500 million has been invested into the LADOL Free Zone, transforming it into the only fully integrated Logistics Base and the Mega fabrication yard in West Africa. We are well respected in the petroleum industry for excellent logistics and service delivery. Our clients include international oil companies such as TOTAL, Shell, Chevron, Equinor, Nigerian oil companies, as well as offshore contractors including Technip FMC and Schlumberger.
We are very excited and honoured to be the first Alliance partner of Field Ready in Nigeria and look forward to raising the bar even higher for upskilling and employability training in Nigeria. Human Capital development is as vital for LADOL as infrastructure development, which is why we are building an Upskilling Academy. The first school in the Academy, is called SANTA and will be training 500 apprentices annually in phase one. SANTA will focus on oil and gas and non-oil and gas Technical Vocational Educational Training. In Phase 2 we will expand and open additional schools in the Academy to cover a range of courses including maritime certifications from OPITO to STCW standards.
For more information on Field Ready Nigeria, contact Elefedo Idachaba at ng@getfieldready.com or visit www.getfieldready.com
Gaia Say No! – Africa: Episode 3. Energy Transition – Future net Zero.
In this the third episode, we look at the energy transition that is happening across Africa.
Stanley Nyoni, Sustainability and Leadership Advisor who is based in Sweden and Dr Amy Jadesimi, Managing Director of LADOL Free Zone in Lagos, Nigeria one of the leading young energy voices of Africa shared their thoughts in this podcast
GTR West Africa 2021
The inaugural virtual edition of GTR West Africa 2021 took place on March 24- 25, welcoming record participation of trade specialists from across the African continent, Europe, Asia and the Americas.
Dr. Amy Jadesimi discussed on: Market volatility and decarbonisation: Navigating financial headwinds for the oil sector.
See details here
LADOL MD Speaks at the Ehingbeti Lagos Economic Summit 2021:
The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi, has stated that 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. Almost all the new jobs the world needs, 680 million, will be created by the private sector, particularly SMEs- the most profitably of these growing companies will be those that embrace sustainable business plans and targets.
Dr. Jadesimi made her remarks today at the Ehingbeti Lagos Economic Summit 2021, in a panel season tagged “Mainstreaming Sustainability in Governance and Business”.
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.
“To achieve the Sustainable Development Goals, we have to embrace the fact that private sector is going to be the driver. In a country like Nigeria and in 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. UNDPâÂÂs 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 hard working and resilient, with a level playing field and wide acceptance of Impact standards, as criteria for funding, the private sector can soar.”
Dr. 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 & Agriculture; Cities; Energy & Materials; Health & Well-Being. The Commission’s work showed how achieving the Global Goals opens up an economic prize of at least US$12 trillion by 2030 for the private sector and potentially 2-3 times more. Well over 50 percent of the prize is located in high growth, low income countries. Achieving the Global Goals in these four economic verticals could create 380 million new jobs by 2030, almost 90 percent of them in developing countries. One market hot spot, affordable housing, accounts for almost one fifth (70 million) of these jobs. Pricing in environmental costs such as climate change increases the âÂÂrealâ size of the prize by a further 40 percent. This report is now ubiquitously associated with the case for sustainable business. In short companies with a sustainable business model will be the most profitable and competitive, those without one will likely fall out of the market.
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 â Lagos could shortly be transformed into a powerhouse for the world.
Latest News
LADOL Stakeholders Celebrate 5 years of ISO 9001 Compliance
LAGOS August 19, 2022: The stakeholders of LADOL Free Zone were in high spirits last week after the company once …Read More »
SHI-MCI and LADOL settled their differences and reaffirmed partnership.
7th February 2022 After over three (3) years of dispute, Samsung Heavy Industries (SHIN) Nigeria Limited and LADOL Integrated Logistics …Read More »
LADOL Continues to Lead in Compliance – Retains ISO 45001:2018, 14001:2015 Certifications
LAGOS January 14, 2022: LADOL Free Zone, LADOL has once again renewed and retained its International Organization for Standardization, ISO …Read More »LADOL MD Joins UNCTAD and GIZ to Launch “Handbook on Special Economic Zones in Africa: Towards Economic Diversification across the Continent”
21st October 2021: Dr. Amy Jadesimi, Managing Director of LADOL Free Zone, joined a high-level panel convened by UNCTAD …Read More »
