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| MD LADOL, Dr. Amy JAdesimi, |
Africa must insist on real local
content adherence to drive the African Continental Free Trade Agreement (AfCFTA);
the products and services being traded in the Africa Free Market have to be
primarily if not entirely home engineered and manufactured, the Managing
Director of Lagos Deep Offshore Logistic Base (LADOL) Dr. Amy Jadesimi, has
shared.
She said: “International
companies can start engineering and manufacturing in Africa now, not only
because they will get access to all 1.5 billion Africans, but also because
there are local and public sector companies and facilities through which they
can set-up and operate locally.
“Special Economic Zones in
Nigeria, such as LADOL and the many Zones being rolled out in countries such as
Ethiopia, Kenya and Rwanda are examples of how easy it is for companies to
decrease their costs and increase their revenues by operating in such Free
Zones.”
Nigeria, such as LADOL and the many Zones being rolled out in countries such as
Ethiopia, Kenya and Rwanda are examples of how easy it is for companies to
decrease their costs and increase their revenues by operating in such Free
Zones.”
Dr. Jadesimi made the expression
at the Organisation for Economic Cooperation and Development (OECD) Africa Forum, where she also said that the operations of LADOL had
proven the efficacy of the United Nations Sustainable Development Goals(SDGs)
as a as a framework for the development of new economy businesses and for
maximising local content in low income high growth countries.
at the Organisation for Economic Cooperation and Development (OECD) Africa Forum, where she also said that the operations of LADOL had
proven the efficacy of the United Nations Sustainable Development Goals(SDGs)
as a as a framework for the development of new economy businesses and for
maximising local content in low income high growth countries.
She said that countries like
Nigeria are full of untapped, easily addressable business opportunities, where
new economy businesses could create new low cost, high return businesses
through innovation and value -added solutions for the local market.
Nigeria are full of untapped, easily addressable business opportunities, where
new economy businesses could create new low cost, high return businesses
through innovation and value -added solutions for the local market.
She noted that the companies of
the future and those that would be the most profitable companies are those that
are sustainable, while companies that fail to embrace sustainability may soon
become nonviable.
the future and those that would be the most profitable companies are those that
are sustainable, while companies that fail to embrace sustainability may soon
become nonviable.
She cautioned that the road to
sustainably industrialise Africa would be a long one, but that it would
inevitably lead to peace and prosperity for the continent and the world.
sustainably industrialise Africa would be a long one, but that it would
inevitably lead to peace and prosperity for the continent and the world.
She added that “The first step is
great international support from governments and investors for indigenous
private companies across the continent – because these are the companies that
will create the jobs.
great international support from governments and investors for indigenous
private companies across the continent – because these are the companies that
will create the jobs.
“Over time organisations such as
LADOL, which may start out supporting commodity -focused industries will
diversify and expand, becoming increasingly sustainable until we reach net
zero.”
LADOL, which may start out supporting commodity -focused industries will
diversify and expand, becoming increasingly sustainable until we reach net
zero.”
Dr. Amy also urged Western
countries to better regulate the actions of their companies and institutions in
Africa – where many multinationals have been proven to instigate, promote and
participate in practices that cause harm to the economies and the citizens in
countries across Africa.
countries to better regulate the actions of their companies and institutions in
Africa – where many multinationals have been proven to instigate, promote and
participate in practices that cause harm to the economies and the citizens in
countries across Africa.
“In as much as we recognise that the
regulatory environment across Africa needs to improve, we should not continue
to have conversations about regulation in Africa unless we also discuss how
wealthier countries can better use their own laws and regulations to police the
activities of their companies and representatives in Africa,” she said.
regulatory environment across Africa needs to improve, we should not continue
to have conversations about regulation in Africa unless we also discuss how
wealthier countries can better use their own laws and regulations to police the
activities of their companies and representatives in Africa,” she said.
In addition, she reiterated that financial
regulation is long overdue stating that “we know that there are trillions of
dollars currently invested in negative or low yielding assets in only ten
financial markets across the world.
regulation is long overdue stating that “we know that there are trillions of
dollars currently invested in negative or low yielding assets in only ten
financial markets across the world.
“The world needs new financial
regulations, which encourage investment into real businesses over long-time
horizons and discourages unstable, short-term wealth creation through trading
and complex financial instruments that no longer relate to the real performance
of the underlying companies or assets.
regulations, which encourage investment into real businesses over long-time
horizons and discourages unstable, short-term wealth creation through trading
and complex financial instruments that no longer relate to the real performance
of the underlying companies or assets.
“Such a regulatory framework would drive
investment to Africa – which has both the youngest and the most locally
underserved population, with vast untapped opportunities to create new products
and solutions for the local market in the local market.”
investment to Africa – which has both the youngest and the most locally
underserved population, with vast untapped opportunities to create new products
and solutions for the local market in the local market.”
Dr Amy hopes to see the
development of a “sustainability credit” rating – that will be universally
accepted and give investors the ability to invest in sustainable market driven
business models.
development of a “sustainability credit” rating – that will be universally
accepted and give investors the ability to invest in sustainable market driven
business models.
This according to her will
channel funding into new companies with the potential to transform Africa, but
which could never meet today’s definitions of “bankability” as applied in
Africa.
channel funding into new companies with the potential to transform Africa, but
which could never meet today’s definitions of “bankability” as applied in
Africa.
“This is critically important as
none of the largest companies in the world today would exist if they had had to
fund their companies from inception based on the draconian pre-conditions and
high hurdles which African companies are being forced to adhere to and scale.”
none of the largest companies in the world today would exist if they had had to
fund their companies from inception based on the draconian pre-conditions and
high hurdles which African companies are being forced to adhere to and scale.”
