Business Times Africa Magazine 2017 /vol 9/ No2 BT2Edition2017_web | Page 56

NIGERIA
Why businesses in Nigeria need
to take sustainable finance
seriously
By Kenneth Amaeshi
M
any people will have heard of the UN Sustainable
Development Goals. But less well known is the
concept of sustainability at the root of these goals.
Sustainability has recently become a mantra, a philosophy
of sorts.
The contemporary interest in sustainability can be traced
to the 1987 Brundtland Commission report, Our Common
Future. The commission had been set up to find ways for
countries to meet their present economic objectives with
less negative impact on the physical environment, society,
and the ability of future generations to meet their needs. It
first gave rise to the Millennium Development Goals, which
have now been replaced by the global sustainable goals.
The literary meaning of sustainability simply suggests lon-
gevity or the ability to survive under counteracting pressures.
While longevity or resilience are integral, they tend to project
54 Business Times Africa | 2017
a somewhat narrow and limited view of sustainability.
The broader view underlines the value of environmental,
social, and economic considerations in decision making.
It’s directly linked to a quest for development that doesn’t
inhibit or harm future generations. It recognises the nested
inter-dependency between the economy, society and the
environment.
In other words, the success of the economy is depend-
ent on the viability of society. The success of society on the
other hand is also linked to the viability of the natural envi-
ronment. As such, without the environment there will be no
society, and without society, there will be no economy. The
three are interwoven.
Evidence suggests a positive relationship between sustain-
ability practice and the global competitiveness of a country.
This is very much at the heart of the sustainable goals.