Presentation by Lekan Otufodunrin at the Africa Students Entrepreneurs Summit organized by RoundNews on the contribution of the media to sustainable business development in Africa. June 29, 2020
Greetings to all participants in this programme. I want to thank the organisers, Round News for the invitation to speak at this African Students Entrepreneurs Summit initiative.
I’m told there are participants from across the continent on this call so let me extend my greetings in some of the local greetings I know. Karibu as in Swahili and Akwaba in Ghana.
I count it as a privilege to share my thoughts on the topic for today and do not take it for granted.
Holding this summit at this time of COVID-19 pandemic (note that I did not say Post-COVID, because we are not yet out of the crisis) which has further complicated the global economic crisis is very commendable and timely considering the need for all hands to be on deck in rebuilding our economy.
More than ever before, there is the need to pay more attention to economic development in our continent and ensure sustainable business development which is the focus of my presentation.
Unlike when I was a student like you all ( up till 1985), entrepreneurship has become a major component of our quest for economic development worldwide and students like you are also rising up to the occasion to contribute your quota.
I am aware of the many students led entrepreneurship projects and businesses and therefore the theme of this summit which is African Students Entrepreneurs and their impact in the development of the African continent is very apt.
So, let me congratulate you all again for whatever entrepreneurship business you are engaged in and urge you to keep growing your enterprises in the face of the economic reality of our continent.
Someone said one of the solutions to unemployment is the creation of new businesses and new initiatives that did not exist before and I quite agree with him.
Students can no longer wait to graduate to start thinking of where they will work or what they will do. They must start experimenting with new ideas based on what they are learning and other exposure they have to leapfrog our economy.
While everyone, including you all at this summit must be part of the efforts to ensure sustainable development of our economy, one sector that also has a crucial role to play in ensuring sustainable business development in our continent is the media.
The core role of the media in any society is to inform and educate. It is also expected to entertain, but for our purpose of today, the information and education roles are more important if the media must be a panacea for sustainable business development.
By media, we are referring to the print, electronic and online media. Through their various platforms, the people have access to the necessary information they need in their various endeavours.
They are kept abreast of government policies, expert views, new developments, ideas and concepts that can enhance their work. Even the entrepreneurs get the opportunity to showcase their businesses and get necessary patronage.
Before speaking on the role of the media, let’s be clear about what sustainable business development is about.
Sustainable business development according to globalbankingfinance.com is about keeping the balance between social, economic, and environmental concerns in corporate decision-making; taking care of the natural resources the company uses, recompensing the communities in which companies work and promoting long-term value creation for shareholders.
From the above definition, the job of the media as a remedy is clearly spelt out. It must ensure that corporate organisations maintain the required balance between social, economic and environmental concerns instead of allowing them to violate standard corporate governance procedures.
Left without proper monitoring through necessary laws and policies, many companies, local, national and multinationals will be more concerned about making profits without giving much thoughts to the required balance needed for ensuring sustainable business development.
Ensuring commitment to sustainable business development will, therefore, require government policies and laws that support and regulate sustainable initiatives which the media must know of and constantly assess the level of compliance.
One of the constitutional roles of the media is to hold the government accountable to the governed. This role is very critical in ensuring sustainable development as government policies, especially economic are not only regularly published and broadcast, but critically reviewed to ensure the right steps are taken.
The media like I stated earlier should not just know of the necessary policies, but must ensure they meet global best practices.
To a large extent, the media on the continent have been doing a lot in this regards. They are offering various economic and business content for their audience. Business reporting is given fair coverage along with other content.
However, more can still be done in view of the importance of ensuring sustainable business development for the growth of our economy and the general good of society.
One major criticism of media coverage in the continent is that there is too much focus on politics than the economy. It has been noted that economic issues are not exhaustively covered and it is also more elite focus, with not enough efforts to ensure that the average citizens have a basic understanding of various economic indicators.
It was against this background that I and some other top media managers participated in the ALI Media Fellowship sponsored by Bloomberg Philanthropies in 2015.
The objectives of the fellowship are very apt for the roles expected of the media to fully meet up with their expected roles in ensuring sustainable business development.
They are as follows:
- Build a cohort of industry leaders in business and financial journalism who have a broader understanding of how the media can be strengthened to contribute to Africa’s development.
- Build awareness of values-based ethical leadership among leaders covering business and financial journalism in Africa, with a focus on transparency, accountability and governance.
- Enhance practical leadership skills among business journalists in Africa, with a focus on Fellows using their influence to contribute to improved transparency, accountability and good governance.
As one of the fellows of this programme, I know there have been improved reporting of business in the continent and more efforts are being made by other organizations to enhance the capacity of journalists in reporting business and the economy.
To be the panacea of sustainable business development in the continent, it is necessary for the media professionals, irrespective of whatever beat they report to have a better understanding of the economy and be able to relate it to issues they cover.
Business and economic reporting should be as diversified as possible and not limited to terrifying economic jargons which many don’t understand. Economic matters have to be broken down to the level that it can easily be comprehended by the average audience to guide them in making personal decisions.
Business reporting needs to be humanised more for it not to be seen as meant for only the elite.
Major and small scale businesses should be covered, not only based on economic indices, but the human elements involved.
There is a need to document entrepreneurial endeavors like what all of you are doing to acknowledge the efforts of local entrepreneurs and let others learn from them.
Entrepreneurs and other business actors must, however, be willing to provide necessary information about their work and also speak up when required on necessary steps for ensuring sustainable development.
The importance of ensuring sustainable business development and general wellbeing of the economy cannot be over-emphasised.
Business concerns in the continent must be guided by the need to be alive to their corporate social, economic and environmental responsibilities.
It is important for them to address the needs of stakeholders in corporate decision-making. Corporate governance according to globalbusinessfinance.com is the system of rules, practices and processes by which a company is directed and controlled. Corporate governance should balance the interests of relevant company stakeholders (shareholders, employees, customers, suppliers, financiers, government, and community) to create value.
Corporate governance is also necessary to achieve ethical, transparent, and sustainable corporate conduct (Solomon, 2013).
How well all the above are done will depend on the values and goals of the leaders running these corporations and this is where the media is needed to follow through in covering the operations of business organiations beyond the official press statements they issue.
Annual Financial reports released at Annual General Meetings (AGM) have to be thoroughly analysed to get the facts behind the figures. Performance and policies of companies, especially multinationals should be benchmarked against global best practices so that they don’t apply lower standards in our continent.
There must be measuring indicators with levels where companies must not fall below. And when they don’t, they must to use the language of this generation called out and be compelled to be good corporate citizens.
The need for recompensing the communities in which companies work is also critical so that they are not neglected as it is the case in many instances. Environmental degradation must not be condoned, while benefits that should accrue to the host communities must not be denied them.
The operations of organisations that have good records of being models in sustainable business developments should get more coverage for others to emulate.
Again, all the above are enormous responsibilities which the media in the continent must live up to and when they don’t too, we should not fail to remind them to do so since they also have the role of being the watchdog of the society.
Since the media may not sometimes know what is happening inside many organisations, we need whistleblowers who will alert the media of infractions that negates sustainable business development practices.
While the media will do its best to meet up to expectations with regards to ensuring sustainable business development, the responsibility is indeed that of all.
Even in the various businesses you run, you must be guided by the principles of sustainable business development which is in the overall interest of our continent.
I want to thank you all for listening and again the organisers for giving me this opportunity.
