During the recent edition of the LBS Alumni Day conference, members of the Lagos Business School emphasized the vital role of national corporations in propelling business and investment to foster economic growth within African economies.
The conference, themed ‘African Economic Development: Cross-National Corporations as Enablers’, served as a platform for industry leaders, association heads, and business executives to exchange insights on driving Africa’s economic revitalization.
A panel discussion, moderated by Mojisola Akinkunmi, Executive Director of Terra Energy Services, addressed the challenges facing the continent and stressed the importance of focusing on solutions and the role of corporations in driving economic development.
Obi Asika, Chairman of Outhere Media, highlighted the need for Africans to shape their own narrative and reimagine their assets to transform the global perception of the continent.
Similarly, Olawale Rotimi Opeyemi, CEO of JRFarms Africa, underscored the importance of African corporations demonstrating deliberation, intentionality, and boldness to unlock the continent’s value proposition. Opeyemi echoed Asika’s call for a perception shift towards the continent, stating firmly, “Africa needs business, not aid.”
Albert Van Rensburg, MD of Maersk Nigeria, acknowledged the pivotal role of corporations while emphasizing the necessity of collaboration with stakeholders like farmers to drive meaningful change and enhance transparency for the benefit of many lives.
In discussing collaborations with farmers, Akinkunmi emphasized the significant contributions of agriculture and probed the panelists on ways cross-national corporations could enhance the agricultural sector for substantial growth.
Rensburg further asserted that strategic investments and stronger partnerships would be pivotal in propelling economic growth in Africa, particularly when targeted towards infrastructural development.
Addressing other critical sectors like healthcare, Claire Omatseye, CEO of JNC International Ltd, emphasized the importance of strategic partnerships among governments, corporations, and CSRs to create an enabling environment for the healthcare industry to flourish.
In conclusion, the panelists highlighted that education, infrastructure, and job creation are essential drivers for achieving the United Nations’ Sustainable Development Goal 1 – Ending Poverty.
The LBS Alumni Day conference underscored the crucial role of cross-national corporations in facilitating Africa’s economic revitalization, stressing the imperative need for collaboration, bold initiatives, and strategic investments across vital sectors such as agriculture, logistics, healthcare, and infrastructure.