Business
Nigerian business leaders forge towards social and economic sustainability
ABUJA – Over the weekend, 28 Business Leaders from critical sectors of the Nigerian economy engaged in a session on creating sustainable economic future for business, society and the environment.
The high-profile engagement session which was held at Federal Palace Hotel, Lagos and was hosted by Managing Director Shell Development Corporation (SPDC) and Country Chair of Shell companies in Nigeria Mutiu Sunmonu saw in attendance Business leaders from oil and gas, telecommunications, financial services, real sector, pharmaceuticals and business services.
The meeting served as a platform or precursor for the setting up of a business council for sustainable development, which will affiliate with the World Business Council for Sustainable Development (WBCSD). The thinking of advocates of such an association is that businesses, has been and should remain drivers of innovation and efficiency, creator of wealth and a harbinger of economic freedom.
The epoch making roundtable meeting was meant to seek the buy-in and commitment of businesses in Nigeria for the establishment of the council. The council is expected to provide solutions to critical sustainable development challenges confronting Nigeria, thus providing a positive sustainable future for the society and rapid development of the economy. In other words, evaluating their social duty to enable them behave responsibly within social and environmental. As experts argue, sustainable development is a dynamic process that enables all people to realize their potential and to improve their quality of life in ways that simultaneously protect and enhance the earth’s life support systems, thus aligning sustainability with business success.
With the camaraderie displayed by the executives who thronged the venue of the engagement session, it was easily discernible that business, solidarity, and friendship were at display as the event created an ambience of true solidarity and gave space to development of partnership for a sustainable course.
In his remarks at the event, the convener of the engagement session and Country Chair, Shell Companies in Nigeria, Mutiu Sunmonu enjoined Business Leaders to join forces for the goodness of Nigeria as corporate entities, saying that he mooted the idea of forming the association to plough back into Nigeria value creation process that would engender and align with the country’s long term economic and social development.
He opined that “Business leaders should take collective steps as the business community to give help to the country in needed areas, aside from the usual Corporate Social Responsibility (CSR) embarked upon by corporate organizations on yearly basis, by also acting as forces of good of the society in which they operate.”
Sunmonu said the project has to be collectively owned and driven in a special way for the good of the country.
“As individual companies we are doing a lot in terms of CSR. I believe we don’t need to boil the ocean, but take little steps as a business community in needed areas to create the impetus for Nigerians to perceive us as corporate bodies that will not only make money and take off, but also impact on Nigeria,” he spoke further.
The CEO of Julius Berger, Engr. Wolfgang Goetsch harped on the need for companies to deploy a needs analysis to decipher what should be done for host communities as Corporate Social Responsibility (CSR) to avert the problem of duplication of same project and spread.
Engr. Wolfgang Goetsch commended the idea of informal alliance of business leaders to foster sustainable economic development in the areas of financial capital, and capacity building, stressing that the forum should also focus on climate change especially as it affects global impact. He averred that business leaders should think of designing, in consultation with their stakeholders, common guidelines for environmental and social assessment of their operations in line with best global practices.
Sir, Chris Ogbechie, Director, First Bank Sustainability Centre at Lagos Business School (LBS), who moderated the event, posited that business leaders must also through their alliance promote dialogue on sustainable development issues, saying that within such context organizations approach of implementing CSR should be based on environment issues and structures. He enjoined corporate bodies to do more research work on intervention areas and collaborate with each other to avoid duplication on CSR projects.
The business leaders conceptually believe that businesses should not only engage in value creation, but incorporate social, environmental and other metrics into corporate accounting, balance sheets, by factoring in calculative trade-offs between what is socially desirable and what is economically sound for a corporate body.
From the feelers generated at the engagement session, observers will not be surprised if the Chief Executives empower their boards with a specific mandate of fiduciary duty, which ensures that value creation includes broader stakeholder community, and that the social and ecological impacts of their activities are part of governance responsibilities.
In justifying the rationale for the formation of the council, the business leaders argued that it was timely and imperative given the pedigree of Nigeria as a country with the largest economy in Africa going by the rebased Gross Domestic Product (GDP) at $510billion, 100million GSM subscribers, but the country whose citizens are low on the Human Development Index (HDI).
They maintained that with the council in place, member companies will share best practices on sustainable development through exchanging information with peers from a cross section of industries and countries.
It will further enable them participate in policy development and influence the framework conditions under which companies operate, while creating a virile avenue to network like-minded business people and educate, influence business leaders globally.
President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has disclosed plans to increase the group’s investment programme in Africa from $50 billion to about $70 billion under its Vision 2030.
Biztellers reports that this strategy would witness a major intervention in electricity generation to support industrial growth, to the tune of 10,000-megawatt.
Addressing creative industry stakeholders from Northern Nigeria, including content creators, journalists, bloggers, entertainers and Kannywood stars, Dangote said expanding production, creating jobs and providing reliable electricity were essential to unlocking Nigeria’s economic potential.
He identified inadequate power supply as a major obstacle to the survival of small and medium-sized enterprises, warning that businesses dependent on petrol and diesel generators would struggle to remain profitable. Dangote said the group was considering a 10,000-megawatt power programme across Africa, potentially including Nigeria, alongside an expansion of the generating capacity dedicated to its own operations.
“We initially planned to invest $50 billion. We are now looking at increasing that to about $70 billion in Africa,” he said.
Explaining the ambition behind Vision 2030, Dangote said African businesses must take greater responsibility for investing in the continent and addressing the infrastructure constraints that discourage other investors.
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According to him, inconsistent government policies and unreliable electricity remain significant barriers to investment. He said the group had largely addressed the power challenge within its operations by generating its own electricity.
“Across the group, we currently have almost 1,500 megawatts. By the time we complete Vision 2030, that could rise to between 4,500 and 5,000 megawatts,” he said. “That is captive power—electricity for our own operations. Separately, part of the vision is to intervene in power generation with 10,000 megawatts across Africa, potentially including Nigeria.”
Responding to a question about the economic decision that would most improve the lives of ordinary Nigerians, Dangote placed electricity at the centre of the country’s development needs.
He argued that individual households and companies installing alternative power systems would not, by itself, resolve the wider economic problem.
“Installing solar power for yourself does not mean the wider problem has been solved. Other people may not have that option,” he said. “A vibrant economy is driven by small and medium-sized enterprises. Large companies such as ours help sustain those businesses, but SMEs are essential to economic activity. When you generate electricity using diesel or petrol, it becomes very difficult to make money.”
Dangote expressed confidence in Nigeria’s entrepreneurial strength, saying the country had yet to realise the full benefits of its large and dynamic economy. He said businesses had a responsibility to invest and create opportunities, while the government should concentrate on providing policies and conditions that allow enterprises to grow.
“The government’s principal responsibility is to create an enabling environment through good policies. With the right policies, businesses can invest and create jobs,” he said.
The industrialist identified agriculture and solid minerals as areas with substantial potential, particularly in Northern Nigeria, but stressed that the country must move beyond exporting unprocessed resources. He said investment in infrastructure, including ports, could open markets for other producers and make it easier for businesses to develop and export their products.
“It is not only about us; it is about Nigeria and the African continent,” he said. “We should not simply export raw materials and then buy back the processed products at many times the price. That is the pattern we want to change. Without production, we will continue to face economic difficulties. We must build a productive economy.”
Sharing lessons from his business career, Dangote attributed the group’s expansion to focus, financial discipline and the consistent reinvestment of earnings. He said the transition from trading to manufacturing was built around products the group already understood, supported by established customers, distribution networks and market knowledge.
“The logical next step was backward integration: producing the things we were already importing,” he said.
Dangote also urged entrepreneurs to avoid spending anticipated profits and to recognise when a venture was no longer commercially viable.
“Give it your best effort, but when you do the numbers and they are not adding up, you must be willing to leave,” he said.
Despite the challenges facing businesses, he maintained that the group would continue investing and encouraged smaller enterprises to build opportunities around major industrial projects.
“People like us will continue investing. People like you can build businesses around those investments—as suppliers, producers and service providers,” he said.
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
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“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
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According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
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