Lagos Green Economy Forum Charts Sustainable Roadmap for SME Sector

Iyke Bede

In a bid to promote sustainable business practices among small and medium-sized enterprises, the inaugural Lagos Green Economy Forum convened stakeholders to spotlight the adoption of environmental, social, and governance (ESG) standards across the sector.

Themed ‘Sustainability in SME Businesses,’ the forum serves as a launchpad helping SMEs grasp the importance of sustainability practices toward the attainment of net zero emissions, the cost implications of unsustainable sources of energy, and leveraging the concept of a circular economy for growth.

To achieve this, the Lagos Green Economy Forum is positioning itself as a platform where SMEs and corporate organisations can engage to understand what is required for the seamless incorporation of sustainable practices into supply chains by learning how larger organisations navigate these standards. Post-event, SMEs will receive hands-on training through upcoming networking sessions and workshops to kick-start the sustainability revolution in this part of the world. The Forum has also partnered with various SME associations to ensure penetration and adoption of this eco-initiative.

Representing the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, the General Manager of the Lagos State Environmental Protection Agency (LASEPA), Babatunde Ajayi, delivered the keynote address, emphasising the positive impact of adopting sustainable practices across various sectors.

“The engine of Lagos economy is the SMEs, so they can’t fall asleep on this transition,” Ajayi advised. “It is not just a commitment or compliance, it’s more of an opportunity for them. It’s more cost-saving, helps them drive the entire business on a more sustainable model. Through this project, they’ll be able to identify the problems they face and create sustainable solutions towards them.”

Key highlights of the forum were special discussion sessions on sustainable roadmaps of multinational and national corporations, and collaborative plans between international organisations and Nigeria to support the SME sector’s sustainability journey. The session featured selected representatives from embassies, high commissions, international development agencies, and corporations.

“There is no way large corporations can function optimally without the strong input of the SMEs,” convener Korede Oluwole stated.

“What most of the corporations have been able to do is acculturate them. The Financial Reporting Council of Nigeria has given a mandate that by 2030, companies should state reporting on their environmental footprint, so they are putting a lot into that,” Oluwole concluded.