The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi, has said that only industrialization can help build a strong supply chain.
Jadesimi who was a guest speaker at the Hybrid event of 2021 Society of Petroleum Engineers Nigeria Council Annual Technical Symposium, with the theme: ‘Maximising Supply Chain Viability in-Country: Drawbacks & the Way Forward,’ said supporting and enabling thousands of new sustainable Nigerian businesses across a wide range of industry is the best way to achieve industralization in Nigeria.
According to her, these businesses may well currently be such that primarily support the petroleum sector, but which in future could transition to primarily support other industries from agriculture to urban building and green energy.
“The key to having strong supply chains in Nigeria is industrial development and diversification.
“The data shows that the most profitable businesses and those that will have increasing access to finance are sustainable businesses.
“Nigeria has an unmatched opportunity to grow and industrialise sustainably.
“Sustainable business models, she stressed, work across all industries adding that, “In fact, in just four sectors – healthcare, agriculture, energy, and urbanisation – there are $12 trillion of sustainable business opportunities.
“As one of the fastest-growing countries in the world, our need is greater than most, and our reward will be greater than most if we latch on to these opportunities now.”
She explained that oil and gas are an integral part of Nigeria’s economy because the country is an exporter and because petroleum currently drives and is an integral part of every economy.
“But the world economies have almost universally committed to shifting away from petroleum towards greener solutions. We are living in a world where the largest country, led by President Joe Biden’s administration, is making green commitments, not just in terms of transitioning but also in terms of investment today, far beyond the promises made by previous leaders. United Kingdom, Europe, and countries in Asia are doing the same, “the LADOL boss continued.
Jadesimi further stated, “Even if we don’t transition our economy, we will end up being forced to. But that is the wrong way to look at this global shift. Instead this shift is a chance for us to build the right way and achieve sustainable industrialization ahead of wealthier countries, which have to integrate backward, especially since technologies are getting cheaper.
“In summary, we need to industrialise to protect and strengthen our supply chains today – doing so sustainably through the local private sector will yield greater profits now and, in the future, grant access to cheaper, longer-term funworldwideut us at the forefront of a world-wide transition. While this transition could take another 20 to 30 years, there is no doubt that it is needed, it has started, and it will happen.”