On Tuesday, 12th April 2022, we hosted Ms. Susan Lund, Vice President for Economics and Private Sector Development at the International Finance Corporation (IFC) for a courtesy visit to Strathmore University.
During the visit, she held a talk with the undergraduate and graduate students on the Sustainable Development Goals (SDGs) and the IFC’s role in private sector development in Africa.
According to a report by the Africa Development Bank, a thriving private sector is central to achieving the objectives of Kenya’s Vision 2030 agenda and the Sustainable Development Goals. The private sector in Kenya contributes over 80 per cent of the country’s GDP, a substantial percentage of total employment, and the bulk of export earnings. The growth and development of the private sector is therefore central to a continued strong economic growth for the country.
In his opening remarks, SBS Founding Dean, Dr. George Njenga, raised a very important question, “how do we continually develop Africa sustainably?” He emphasized the need to craft business solutions to transform our various communities. “We need to have conversations on how we can develop a business concept that can employ hundreds of people and transform communities,” he noted. Dr. Njenga further highlighted the work that Strathmore University and the Golden Valley Cooperative are doing with the Turkana and Pokot communities to improve their living standards by pushing them to adopt sustainable business practices.
Ms. Lund pointed out the role of the universities and institutions of higher learning in linking the formal and informal sectors. She further urged the students to embrace the fast-changing world of work by learning how to be adaptable, curious and creative.
Speaking during the panel session, she highlighted the critical role the private sector plays in contributing to sustainable development and addressing global poverty. “How are we addressing sustainability? We need to give more thought to having a circular economy, embrace recycling procedures and the use of green energy in major sectors like energy and electricity,” Ms. Lund said.
The private sector’s contribution to the country’s economy cannot be overstated. It is therefore imperative that governments continually strengthen the sector for a sustainable future.
About Strathmore University Business School
In its endeavour to transform leadership in Africa in the 21st Century, Strathmore University Business School (SBS) has taken the responsibility of influencing the leadership of public and private sectors in the continent. This is the overarching mission at SBS; Service to Society through development of international executive business management and leadership programmes.
Since its inception in 2005 and coming at a time when the world and Africa face extraordinary challenges, SBS’s mission to develop transformative business leaders is even more relevant. By the use of globally tried and tested teaching methodology using case studies, using both local and international faculty, while at the same time partnering with local industry experts who draw and localize the experiences on the ground, we ensure that our programmes foster a culture of continuous learning. Learn more about Strathmore University Business School.
Article by Juliet Hinga
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