Businesses in Africa have the opportunity to unlock $350-billion a year in value from new opportunities that focus on sustainability, according to a study undertaken by Accenture and the National Business Initiative (NBI).
A report on the study findings advocated a new way of growing businesses towards a more sustainable future for the continent, with a sharp focus on change and innovation.
It outlined that companies could generate new revenue streams by developing new opportunities aimed at the new “floating” class – the 21% of Africa’s population that was on the brink of joining the middle class.
“With many sustainability challenges, enormous transformation is required.
There is enormous opportunity, not simply through corporate social responsibility, philanthropy or marginalised within corporate affairs departments, but in strategy, human resources and supply chains,” said Accenture Strategy MD Peter Lacy.
The report said three consumer-driven industries – manufacturing, retail and agriculture – had the greatest potential for innovation.
Of the CEOs surveyed, only 42% believed business was making sufficient effort to tackle global sustainability challenges.
“Through focusing on sustainability and the ability of organisations to maintain profitable growth while ensuring a positive social, environmental and economic impact, we believe businesses in Africa can unleash a new wave of economic growth and significantly enhance social development,” the report stated.
