Some stakeholders in Nigeria’s manufacturing sector have said that there is a need to improve the adoption of the Environmental, Social, and Governance principles in the sector.
This was revealed at the maiden edition of the Private Sector ESG Forum hosted by British American Tobacco Nigeria, in partnership with the Manufacturers Association of Nigeria, Nigerian Bottling Company, Nigerian Climate Innovation Centre, Stanbic IBTC, Enactus Nigeria, Sterling One Foundation, International Breweries, Private Sector Advisory Group and Blue Echo Foundation to promote sustainable future.
KPMG Partner and Africa ESG Lead, Pieter Scholtz, in his keynote address, highlighted the need for organisations to incorporate financial reporting and other ESG strategies into their operations.
He said, “It has been proven that sustainability-linked products grow six times faster than others while companies that employ net zero emissions are seen to reduce their operating expenses. Also, lots of companies are now starting to gain productivity via ESG incorporation, so the private sector has to take the aggressive lead seeing that there is no logic in not embracing ESG.”
The Managing Director, BAT West and Central Africa, Yarub Al-Bahrani, said, “The vision behind the forum is to create a platform that connects industry players, bridges knowledge gaps, and promotes the adoption of sustainable business practice for inclusive growth and shared prosperity. The forum is important because the private sector is a formidable force in shaping economies and societies.
“Our ambition to create ‘A Better Tomorrow’ transcends mere rhetoric; it encapsulates our keen belief that we have a role, an obligation to be stewards of change. This ambition has driven a profound shift in our corporate ethos, ensuring sustainability is not a random pursuit but is front and centre of everything we do and integral to every facet of our operations, it is this bold purpose that has given rise to the Private Sector ESG Forum.”
Announcing the private sector pledge at the forum, the Director of External Affairs, BAT West and Central Africa, Odiri Erewa-Meggison, said that the private sector had resolved to set up a working group.
