‘Africa needs business, not aid’ – LBS Alumni members chart course for economic growth

Alumni members of the Lagos Business School, LBS, have highlighted the crucial role of national corporations in driving business and investment for the economic development of African economies.

Members discussed the topic extensively at the recent edition of the LBS Alumni Day conference, an annual knowledge-sharing conference themed, ‘African Economic Development: Cross-National Corporations as Enablers’.

The conference brought together industry captains, association presidents, and business executives to share insights on driving Africa’s economic regeneration.

The event featured a panel discussion, moderated by Mojisola Akinkunmi, Executive Director of Terra Energy Services, that acknowledged the challenges facing the continent while emphasizing the need to focus on solutions and the role of corporations in fostering economic development.

Speaking at the panel, Obi Asika, Chairman of Outhere Media, noted the significance of Africans telling their own narrative and reimagining their assets to reshape the global perception of the continent.

Another member of the panel, Olawale Rotimi Opeyemi, CEO of JRFarms Africa, emphasized the need for deliberation, intentionality, and boldness among African corporations to unlock the continent’s value proposition, emphasizing Asika’s call for the need of a perception shift for the continent.

“Africa needs business, not aid,” Opeyemi asserted.

Also speaking, Albert Van Rensburg, MD of Maersk Nigeria, acknowledged that while corporations play a crucial role, collaboration with stakeholders like farmers is essential to drive meaningful change and benefit many lives through increased transparency.

Highlighting the impact of collaborations with farmers, Akinkunmi underscored the importance of not downplaying agriculture’s contributions, probing the panelists on how cross-national corporations can enhance the agricultural sector for meaningful growth.

Speaking further, Rensburg stated that making the right investments and fostering stronger partnerships would drive economic growth in Africa, and that results would only be achieved when these investments are targeted towards infrastructural development.

The panel discussion also focused on other critical sectors like healthcare.

Claire Omatseye, CEO of JNC International Ltd, emphasized the need for strategic partnerships between governments, corporations, and CSRs to create an enabling environment for the healthcare industry to thrive.

In closing remarks, the panelists noted that education, infrastructure and job creation are key drivers for achieving the United Nations’ Sustainable Development Goal 1 – Ending Poverty.

The LBS Alumni Day conference underscored the pivotal role of cross-national corporations in enabling Africa’s economic regeneration, emphasizing the need for collaboration, bold action, and strategic investments across critical sectors such as agriculture, logistics, healthcare and infrastructure.