LADOL MD speaks at 2019 Global Female Leaders’ Summit …Says sustainable globalisation era just began in Africa
The Managing Director of LADOL Free Zone, Dr. Amy Jadesimi was one of the five global leaders who spoke at the opening panel of the ongoing Global Female Leaders’ Summit 2019 GFL in Berlin, Germany. GFL is an Economic Forum for Female Executives that is currently holding for the 6th time.
Speaking in broader teams Dr. Amy explained that the continent of Africa has broadly experienced four different ages of globalisation: Exploration, Exploitation, Expropriation, and Exchange.
“The Era of Exchange based Globalisation and trade is just beginning. To succeed it requires trade between equals, i.e. a level playing field through which all participants, from nation states to private companies, benefit.”
“For exchange- based trade to be practically applicable countries and companies in Africa need to invest in and develop higher local capacity and quality within sustainable business models. This is already happening at companies such as LADOL and will lead to a significant increase in the global Gross Domestic Product GDP, as well as decreases in inequality and increases prosperity,” she said.
In addition, Dr. Jadesimi stated that Sustainable Globalisation requires the World Trade Organisation WTO and high income, low growth countries to recognise that current trade policies were not designed to lead to equality and prosperity for all. She also observed that now it is clear that Africa’s survival on this planet depends on her ability to decrease poverty and increase both the spread and size of global wealth dramatically, adding therefore that institutions such as WTO need to promote and execute new policies for global trade.
“For example, rather than simply demand that countries immediately put in place new laws to protect Intellectual Property IP before wealthy countries will trade with them, the focus should shift to insisting that low income high growth countries develop home grown IP to support their own market to a level that makes them globally competitive and therefore better trading partners. Such countries will then naturally put in place laws to protect this “homegrown” and international IP, while also adding to global prosperity, creating thousands of jobs and new innovations that will move the whole world forward.”
“Zero sum game politics and trade policies are leading to global instability – collaboration is required on a fundamental level, particularly between governments and institutions to create new economy, sustainable technologies and business strategies”, she said.
Without radical reforms, Dr. Jadesimi noted that the current global trade practices will further entrench a status quo that is undermining previous gains made through trade for high income countries. This is in addition to increasing inequality across the world and making it harder for countries in Africa to lift their people out of poverty.
“The Nigerian government has taken real steps to support the indigenous private sector in the country and has allowed it to operate, add value and grow – when our private sector is the same size as the public sector Nigeria we will be part of the G20.”
“Many positive lessons can be learnt from the formation and positive impact of the EU on its member states, including the fact that the EU protected its markets from non-EU countries until it had reached a certain level of industrialisation. AU is potentially one of the most important institutions we have to develop Africa, as long as look inward and develop African capacity for engineering, manufacturing and trading within the African Union” she said.
Dr. Amy Jadesimi (MBA from Stanford University, MA (OXON) and BMBCh from Oxford University) is the CEO of LADOL. Amy was a Commissioner for Business & Sustainable Development Commission. She got financial training at Goldman Sachs & Stanford Graduate School of Business & medical training at Oxford University. Her accolades include being appointed to the UNICEF Advisory Group (2019), being appointed to the United Nations Development Program SDG Steering Committee (2019) being named among the Top 50 Women in Technology by (Forbes, 2018), Oil and Gas Leading Woman of the year (Foreign Investment Network, 2018), voted the Young CEO of the Year (African Leadership Forum, 2018), an Archbishop Tutu Fellow, a Young Global Leader – Alumni (WEF), a Rising Talent (Women’s Forum for Economy and Society), one of 20 Youngest Power Women in Africa (Forbes), one of Top 25 Africans to Watch (Financial Times), one of the Most Influential People of African Descent (Under 40) Worldwide (United Nations International Decade for People of African Descent UN IDPAD (2018), one of 50 most Influential Women in Business (The Africa Report, Jeune Afrique, Africa CEO Forum) and she is a member Advisory Board of Prince’s Trust International and contributor to Forbes, among several others.
On the other hand, LADOL is currently building the world’s first Sustainable Industrial Special Economic Zone SSEZ, using the United Nation’s Sustainable Development Goals SDGs to build a unique circular ecosystem, servicing a range of industries.
The Zone was developed out of a disused swamp and has been operational since 2006. Every year since then the infrastructure and facilities have grown and expanded. The Zone now provides a 24/7 efficient, safe and secure location from which local and international companies, in a range of sectors, can start operating immediately. In 2017 LADOL disrupted the local oil and gas market, halving the costs of local support, and creating thousands of local jobs. LADOL is now focused on attracting and servicing a range of non-oil and gas companies, in sectors ranging from technology to agriculture. The sectors identified will work together to create a circular economy within the Zone. West Africa is one of the largest under-served markets in the world with the fastest growing population. Industrial companies working in LADOL can service this market sustainably and profitably, while creating tens of thousands of jobs. As the local market grows there will be higher demand for locally produced products, a larger skilled workforce and cheaper domestic operating costs.
LADOL is becoming a blueprint for the Sustainable Industrialisation of Africa, turning Africa’s demographic dividend into a global wealth creation.