WEF: How Coke is building a better future

Major take-away from the World Economic Forum Africa held in Abuja recently was a strong suggestion for creation and distribution of wealth among the African populace to reduce poverty. This can only be achieved through creation of jobs, and this will be subsequently facilitated if the private sector drives economic growth. Creation of jobs will also be achieved if the right environment such as infrastructure, especially electricity and capacity building of the people are in place.

Nigeria’s President Goodluck Jonathan hit this on the head when he said for Africa to remain relevant, the continent needed to adequately educate its people as it was through education that Africa could unlock the potential of the youth to enable it compete globally. The theme of WEF was ‘Forging inclusive growth, creating jobs.’

Tertiary education as concept of building capacity and enhancing skills is not enough as creating jobs requires mentorship and empowering entrepreneurs for successful and sustainable businesses. This is where Coca Cola, the multibillion dollar global company, tries to fill the gap as it trains and encourages young African entrepreneurs on how to run successful business. The company with presence in over 180 countries believes that when entrepreneurs run successful business, they would be able to create jobs.

At the WEF, the leadership of Coke in Nigeria and from other African countries met with Global Shapers, a major initiative launched by the World Economic Forum and engaged them on business successes. Members of Global Shapers are young men and women (age 20 – 30) who deliver local and global change.

The Global Shapers with big dreams came from across Africa and defied security challenges in Abuja to attend the WEF, with strong hope for networking and going home richer in business knowledge. Launched in 2011, the Global Shapers Community engages entrepreneurial “millennials” in developing projects that positively impact local communities, in addition to participating in a global conversation with world leaders to help shape the future.

Speaking at a special panel of Meet Coca Cola leadership in Africa where participants from over 30 African countries attended, CEO of Coca Cola Nigeria, Adeola Adetunji, who is overseeing the 128 years old global company, but which entered Nigeria about 64 years ago, advised the entrepreneurs to follow and maintain their goal in business which he said must have solution for the society. Other listed factors of success in business are commitment, perseverance, discipline and courage to make decisions and work the talk.

Adetunji, who said any firm must operate at international standard even if it was operating locally, told the young entrepreneurs that they should allow everybody in the organisation to know the focus and destination of the company.

Adetunji also cited personal experiences and his continuous seek for knowledge and experience as a motivating factor for the young business executives, who are dreaming big and who are presently networking and seeking knowledge, practical experience for business growth.

Explaining why Coca Cola is involved in the Global Shapers Community, a brain child of WEF, Adetunji said: “Coke believes in the communities in which it operates, and since Coca Cola is literally all over the world we believe in the world and if our business thrives, the communities and the world will get to thrive as well.

“We touch almost all forms of live, we have employees, stakes for the government, bottling partners, customers and consumers, and the only reason we can feed good ideas into the future to ensure the world thrives is by being engaged in such programmes,” he said

On the nature of Coca Cola engagement, he said the company provides coaching and mentorship to the young entrepreneurs and the company sponsors best ideas among the Shapers Community across Africa who gets part sponsorship for their ideas.

Klaus Schwab, founder and executive chairman, the World Economic Forum in a report, said: “Young people are a tremendous source of innovation and can serve as a catalytic force for restoring economic growth, addressing social injustice and creating sustainable change. The Coca-Cola Company recognises this, and we appreciate its active role in supporting our Global Shapers Community. The growth of the Shapers – now with more than 200 community hubs worldwide – is an exciting and positive development for the Forum, embracing our spirit of entrepreneurship in the global public interest and our commitment to find solutions to the world’s biggest problems.”

Coke also believes in Public Private Partnership in building the future. At a separate forum at the WEF, Norah Odwesso, public affairs and communication director for Coca Cola Central East and West Africa, said though Coke was not a health organisation as the organisation was in the food and beverage organisation, but Coca Cola had made health a priority because “our strong believe is that our company only prospers and will be in good health when our communities are in good health.”

Odwesso said over the last couple of years Coke had spent significantly in the health pillar and water, saying “health is a critical pillar for us. We also believe that no one entity or organisation can make a significant difference without partnership.

“What we have achieved in the area of health has fundamentally been as a result of strong partnership. We have focused on three main areas. In the last 10 years, we have invested over $50 million together with our partners in the area of HIV/AIDS and malaria, and we focus on areas within the health pillar that have the greatest need.”

The WEF, which attracted over 1000 delegates, ended with foreign investment commitment for Africa amounting to $68 billion, which experts said would help improve African economies.