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.
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
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