Mr. Bisi Onasanya, Group Managing Director, First Bank of Nigeria Ltd has stated that there was urgent need to tackle sustainability challenges such as minimizing risks, engendering cost efficiency, increasing revenue and perpetuating brands, amongst others.
Speaking last week at the second annual International Sustainability Conference with themed “Sustainability and Value Creation in Africa”, held at the Lagos Business School (LBS), Ajah, Lagos, he noted that whereas researchers have focused mainly on consumption patterns affecting the earth’s non-renewable resources – like fossil fuel and metal – the major challenges are in the consumption patterns affecting renewable resources – like soil, forest and fish stock.
Mr. Onasanya tasked the public and private sector to join efforts in addressing the unfolding changes across the globe.
According to him, the growing proportions of consumption patterns across the globe are making it impossible to replenish the earth’s harvested resources.
” It I s easy to posit that the solutions lie in proactivity, innovation and creativity. While this has proven plausible, some schools of thought are of the view that experience has shown otherwise.”
He noted, “Recent developments in the corporate world across borders point us to the need to continuously strengthen institutions to brace up for long term sustainability.
In other words, we require strong institutions not strong individuals, as they say.
After all it is sustainable and value creating institutions that will outlast individuals as well as sustain succeeding generations.”
Dr. James Mwangi, Managing Director, Equity Bank, Kenya who spoke on “Financial inclusion as a tool for poverty eradication in Africa”, stated that there is need for business in the continent to create a system that empowers people.
He added that often many businesses don’t talk about empowering people so that they would be able to overcome their challenges.