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Stakeholders, Experts Advocate for ‘Creating Shared Value’ as Panacea for Attracting Investment

Stakeholders, Experts Advocate for ‘Creating Shared Value’ as Panacea for Attracting Investment

Creating Shared Value (CSV) approach to sustainability as a fundamental business strategy in Nigeria and beyond was a focal point when Shared Value Africa (SVA), in collaboration with Lagos Business School Sustainability Centre and ZER Consulting Africa, hosted the CEO Connect Forum in Lagos, Southwest, Nigeria.

The event which also saw the official launch of Shared Value Nigeria provided opportunity for high-level business executives to engage and discuss leveraging societal challenges as avenues for business innovation and growth through the CSV framework.

Speaking at the event, CEO and Founder of Shift Impact Africa and Shared Value Africa, Tiekie Barnard emphasised that creating shared value can be a game changer for Africa.

According to her, Shared value is first and foremost about profitability and not CSR or philanthropy, adding that Businesses should serve all stakeholders, not just shareholders, weaving its purpose around the intersection of people, profit, and planet.

She disclosed that Shared Value Africa was started six years ago with the aim of strategically addressing societal challenges through a business management concept developed by Professors Michael Porter and Mark Kramer at Harvard.

She added that, “The CSV approach can enhance reputation, attract investment, and is a long-term commitment to addressing societal issues. It is our dream at Shared Value Africa for every organisation on the continent to practise shared value.”

Founder of ZER Consulting Africa and CEO, Shared Value Nigeria, Adeolu Adewumi-Zer who spoke on ‘Value Creation as a Business Imperative, said that shared value offers a bridge to sustainable growth, providing long-term profitability while addressing societal needs.

She added that launching Shared Value Nigeria will foster partnerships, enabling businesses to achieve success while improving the Nigerian society and economy.

Chief Client Officer at AXA Mansard, Rashidat Adebisi harped on the importance of responsibility towards future generations and stakeholders saying that AXA Mansard have redefined its purpose to focus on inclusion and biodiversity.

She further said that one of the biggest challenges is how to address what to leave for the next generation, adding “how do we ensure that we are responsible for our stakeholders.”

Director of Sustainable Business and Social Impact at Safaricom, Karen Basiye while speaking on the theme, ‘The Business Case for Shared Value’, said that businesses can create shared value by leveraging resources and expertise to tackle societal challenges, resulting in mutual benefits.

She explained that M-PESA in Kenya revolutionised digital mobile money payments and install masts in refugee camps, both of which have driven profits and societal benefits.

According to her, Safaricom created a mobile health wallet for specific health savings, reinforcing the importance of responsibility towards people and the planet.

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