In a bid to foster Environmental, Social, and Governance (ESG) integration into manufacturing operations and promote a circular economy, Governor Babajide Sanwo-Olu of Lagos State, along with key private sector stakeholders, underscored the imperative of collaboration. The discussion unfolded at a private sector ESG forum held in Lagos under the theme: “Is the Private Sector Accountable: A case for sustainable practices?”
The event highlighted ESG as a critical framework assessing organizations’ sustainability and ethical performance. The circular economy model, focused on sustainable and environmentally friendly production and consumption, took center stage in discussions.
Represented by Dr Oreoluwa Finnih-Awokoya, his Special Adviser on Sustainable Development Goals (SDGs), Governor Sanwo-Olu acknowledged Lagos State’s role as the commercial hub of Nigeria and Africa, attracting diverse global businesses. However, he stressed the need for the private sector to bolster sustainability efforts, considering prevailing global challenges like climate change and economic uncertainties.
“To achieve this balance, we must hold the private sector accountable to the ESG concepts while implementing innovative policies to attract investments and prioritize ease of doing business,” noted Governor Sanwo-Olu. He emphasized the private sector’s responsibility in areas such as renewable energy, waste management, and transportation, proposing policies and incentives to drive sustainable solutions.
Addressing the gathering, Mr Yarub Al-Bahrani, Managing Director of British American Tobacco Nigeria (BAT), expressed the company’s commitment to reducing the health impact of its business and creating sustainable value. He highlighted the forum as a platform to collectively advance the cause of reshaping the narrative around sustainability in the private sector.
Al-Bahrani emphasized the need for accountability in the private sector, citing governance, environmental impact, and social responsibility as pillars essential for future prosperity. The forum served as a platform for industry leaders to align their efforts toward ethical and sustainable business practices, contributing positively to Africa’s development.
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