Feature/OPED
Here is Why Businesses Need to Embrace Sustainability in Africa!
By Timi Olubiyi, PhD
If living and business operations continue as usual in Africa, particularly in Nigeria, the available resources will be overstretched, which may pose enormous economic, environmental, and social challenges. The continent’s biggest environmental challenges are water pollution, air pollution, and deficits of all types, directly impacting the populace’s health and living.
For instance, a child born in Africa today risks not receiving proper education or adequate healthcare due to a lack of adequate resources. Not only that, around 340 million Africans have no access to safe drinking water.
In addition, more than 672 million live in poverty, which is significant compared to other continents, and these numbers continue to increase yearly.
According to records, about 65% of Africa’s arable land cannot sustain viable food production due to damage. Therefore its time to develop sustainable strategies to restore, preserve, and manage African resources and living for the benefit of humanity.
Sustainability is not just a buzzword; a sustainable society is one in which development and human actions meet the needs of the present without compromising the ability of future generations to meet their own needs. This applies to virtually everything, public life, education, housing, agriculture, sanitation and energy needs, including the environment and planet Earth.
There has been a rise in unsustainable actions. Chronic diseases are linked to these actions, including reduced water, poor air quality, climate change, global warming, plastic waste mismanagement and pollution. The average daily temperature continues to increase, and even carbon emissions from power-generating sets, production companies, cars and commercial vehicles continue to exacerbate without adequate checks, posing an increase in unsustainable actions.
Sustainability is now a business imperative. Environmental and social crises confront the world, and consumer demand continues to change in that light. To remain competitive and relevant, businesses must commit to sustainability, assume clear responsibility and act in line with the United Nations Sustainable Development Goals(UN SDGs) but Africa is yet to tap into this significantly.
As it stands, African regions are unlikely to meet the SDGs set for 2030 because the continent has decelerated in recent years, and SDGs seem more like a mystery, despite the widespread adoption worldwide.
But not surprisingly, in Africa, many professionals and citizens are unaware of the need to adopt sustainability practices, and many do not know about the United Nations (UN’s) seventeen(17) sustainable development goals.
Most African countries have zero or few regulations for sustainable development goals (SDGs). In Sub-Saharan Africa, where most of the world’s extreme poverty is concentrated, their SDG ranking and scoring are extremely low. Regarding corporates and small businesses, only a fraction of organizations has sustainability strategies which is worrisome considering the negative impact on the planet and environment.
A sustainable business engages in green or environmentally friendly practices to ensure that all processes, products, and production activities adequately resolve the environmental concerns of the present while remaining profitable. For sustainable development to occur, environmental, social, and economic factors must be taken into consideration. In Africa, companies, particularly small businesses, largely prioritize short-term gains over long-term planning and innovation because they are often pressured to maximise profits and satisfy shareholder demands.
As a result, sustainability actions are disregarded, including the suppression of creativity and eco-innovative products, services, and technologies that could fuel long-term growth and success. Business practices and operations have adversely affected the immediate business environment and the planet.
Recall small businesses play a crucial role in boosting the economy and creating employment, also significantly, these small businesses contribute largely to the unsustainable practices on the continent due to the less regulations that exist, yet attention has not been given to this/
High population densities, poor waste management, absence of large-scale recycling and reuse mechanisms, carbon dioxide(Co2) emissions, consumption in an unsustainable manner, complicated and unregulated transport networks, and dense commercial and industrial areas are some of the reasons unsustainability practices are on the increase in Africa. The continent accounts for a high percentage of the world’s carbon dioxide emissions, and the biggest contributors are South Africa, Algeria, Egypt, Libya and Nigeria.
While much has been said about the damage to weather patterns, increased heatwaves, increasing temperatures, flash floods with other natural disasters, pollution, noise, soil contamination, and unsteady crop yields are some of the outcomes of unsustainability. In actual fact, the climate crisis is the greatest health crisis of our time, surpassing even the recent COVID-19. The effect of a warmer or hotter world on our health is less well understood in Africa. Yet, many remain unperturbed about the level of unsustainable practices within the continent. The consequence of public health concerns is rising. In summary, unchecked human activities and businesses’ unsatiable need for profit and dependence on fossil fuels are Africa’s primary causes of unsustainability and climate change.
The continent’s environmental problems threaten its public health, economy, and social fabric. To combat these dangers, Africa’s leaders should assess various policy options. Sustainability-focused leadership is key in Africa, and businesses should be made to consider environmental values at the core of their strategic route. There are several methods for businesses to be sustainable. Reducing waste, preventing pollution, adopting clean energy, conserving water, utilising energy-efficient materials, adopting sustainable business travel policies, caring for employees, collaborating with local suppliers and services, recycling and reusing products are some of the most important actions to become sustainable.
Businesses need to make a huge investment in energy efficiency and waste management projects. This will reduce business costs significantly over time. The direction for the future should be for strong coordination amongst legislation, governance, companies, and academia to get involved and change the personal behaviours and mindsets of the populace. I believe education and awareness should drive increased participation and sustainability-oriented culture in Africa. More so, businesses should consider integrating sustainable action plans into their business strategies. The government can make at least structured companies to generate sustainability performance reports that can help track, measure, and monitor the environmental impacts of the companies, demonstrating transparency and accountability, which often leads to better compliance. Good luck!
How may you obtain advice or further information on the article?
Dr Timi Olubiyi is an Entrepreneurship & Business Management expert with a PhD in Business Administration from Babcock University, Nigeria. He is a prolific investment coach, adviser, author, seasoned scholar, Member of the Institute of Directors, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: [email protected], for any questions, reactions, and comments. The opinions expressed in this article are that of the author- Dr Timi Olubiyi, and do not necessarily reflect the opinion of others.
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN