LADOL joins business leaders to promote $12trn global economic growth target

The Lagos Deep Offshore Logistics base (LADOL), Nigeria’s wholly indigenous owned logistics service provider for maritime including oil and gas sector, has joined other world business leaders in quest for developing a sustainable business outlook that would help unlock over US$12 trillion in the global market value by 2030.

Following a confab in London at the weekend, group under the aegis of Business and Sustainable Development Commission (BSDC), raised the optimism that sustainable business models could open-up economic opportunities of high value for businesses across the globe.

The BSDC, which was launched in Davos in January 2016, has Amy Jadesimi, managing director of LADOL as a member alongside 36 leaders drawn from different sectors of world economy. It was set up with the objectives of mapping out the economic prize that could be available to businesses if the United Nations (UN) Sustainable Development Goals are achieved, and also highlighting how businesses can contribute to delivering such goals.

A recent report released by the Commission predicted that the next decade would be critical for companies to open 60 key markets like “hot spots,” tackle social, environmental challenges, and re-build trust with the society at large.

“The Global Goals hot spots have the potential to grow 2-3 times faster than average GDP over the next 10-15 years. However, beyond the US$12 trillion directly estimated, conservative analysis shows that there is potential for an additional US$8 trillion of value creation across the wider economy if companies embed the Global Goals in their strategies, the report further noted.”

The report further pointed out that putting the Global Goals, at the heart of the world’s economic strategy could “unleash a step-change in growth and productivity, with an investment boom in sustainable infrastructure as critical driver”.

“This will not happen without radical change in the business and investment community. Real leadership is needed for the private sector to become a trusted partner in working with government and civil society to fix the economy”.

Jadesimi, a member, urged other members to demonstrate commitment to the ideals of the report, beyond making it a mere paper work. “We need to ensure these ideas work not just in a report but on the business frontline.”

According to her, commission’s report tagged ‘Better Business, Better World’, notes that while the last few decades have lifted hundreds of millions out of poverty, there has been unequal growth, growing job insecurity, more debt and greater environmental risks.“This has fuelled anti-globalisation in many countries, with business and financial interests seen as central to the problem, which undermines long-term economic growth in the world.”

Malloch Brown, chairman of the BSDC, said that the report is a call to action to business leaders as business as usual attitude will only drive more political opposition and land the world with an economy that simply doesn’t ensure inclusive growth.

“At the heart of the Commission’s argument are the Global Goals with 17-pronged objectives that include: to eliminate poverty, improve education and health outcomes, create better jobs and tackle our key environmental challenges by 2030.

“The Commission believes the Global Goals provide the private sector with a new growth strategy that opens valuable market opportunities while creating a world that is both sustainable and inclusive. And the potential rewards for doing so are significant” he said.

Paul Polman, chief executive officer of Unilever, who is also a member of the Commission, said that Global Goals offer businesses a way out at a time when world economic model is pushing the limits of the planetary boundaries and condemning many to a future without hope.

“Many are now realising the enormous opportunities that exist for enlightened businesses willing to stand up and address these urgent challenges. But we must react quickly, decisively and collectively to ensure a fairer and more prosperous world for all,” he added.

Uzoamaka Anagor-Ewuzie