Private Sector Forum experts are highlighting key strategies for Nigerian companies to transition to low carbon manufacturing and build a climate-resilient future. The inaugural Private Sector ESG Forum in Lagos addressed the urgent need for sustainable and responsible practices within the manufacturing sector.
Yarub Al-Bahrani, the Convener and Managing Director of BAT West and Central Africa, emphasized the importance of corporate accountability for environmental and societal impacts. He raised the question of whether the private sector, particularly manufacturing, acts ethically and with robust governance.
One of the recommended approaches to encourage companies to embrace low carbon manufacturing was discussed by Musa Usman, the Assistant Director of Environmental Quality and Technology at the National Environmental Standards and Regulations Enforcement Agency (NASREA). Usman stressed the role of environmental regulations as a multi-faceted driver for manufacturing companies to transition to low carbon practices. Compliance with these standards can help companies reduce their carbon footprint and meet emission targets. Additionally, these regulations can incentivize manufacturing companies to produce carbon-friendly renewables, such as biogas or emission-friendly kits.\
Tomi Adepoju, Partner and Head of Enterprise Risk and ESG Services at KPMG Nigeria, emphasized the urgency of transitioning to low carbon manufacturing to secure a climate-resilient future. She noted that this transition is not merely a choice but a necessity, both for Africa and the world. It is imperative to prioritize these opportunities for low carbon manufacturing to mitigate the impact of climate change and ensure a sustainable and resilient future.
The insights and discussions from the Private Sector Forum underscore the growing awareness and commitment within the private sector to align business practices with environmental, social, and governance (ESG) principles. By implementing green financing, ESG-driven policies, transparency, and sustainability measures, companies in Nigeria can contribute to a more climate-resilient future while also promoting ethical and responsible business conduct.
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