General News
Austin’s Five Forces Model for Analysing Sustainable Development
By Austin Okere
The sustainability challenge is becoming clearer. Being a Consultant at the Sustainable Development Goals, Africa Centre (SDGCA) in Rwanda and on the Global Agenda Council of the World Economic Forum (WEF) has exposed me to the global framework for economic growth that protects the fundamental pillars of humanity and the planet.
The SDGs are about People, Planet, Prosperity and Peace – and about driving development in an inclusive way that leaves no one behind. These tenets were further reinforced through my interview with Professor Paul Romer, Nobel Laureate, and former Chief Economist at the World Bank.
I see Five Forces driving sustainable growth as follows – Organizations, Population, Enablers, Infrastructure, and the Socio-Political Environment. I have codified below, the relation between these forces in the in a model which I call the Austin’s Five Forces Model for analyzing Sustainable Development.
Below are the Five Forces and how they impact sustainability:
- Organisations – providing jobs for the population for shared prosperity
- Population – a large social group subject to the same political authority and dominant cultural expectations. This is the source of skilled labour to the organisation and who in turn contribute to the welfare of society
- Enablers – institutions and mechanisms necessary for supporting efficient and equitable pursuance of opportunities in the society. They may include regulation, education, healthcare, and technology among others
- Infrastructure – the basic physical and organizational structures and facilities needed for the operation of a society or enterprise. They include housing, ports, roads, power, and communication
- Social-Pollical Environment – the central values of society, politics, culture and public opinion, as well as the assurance of security and the adherence to rule of law that governs the society
ORGANISATIONS
At the heart of providing jobs is the organisation, public, private, start-ups and non-governmental.
A commonly held truism is that government alone cannot provide all jobs and is not big enough to shoulder the entire economy. Take Nigeria for example, in real terms, government spending at 5.7% of GDP (2019) means non-government economic activity accounts for almost all of GDP (about 95%). Among OECD economies, business activity accounts for 72 percent of GDP with monetary flows from labour income, capital income, taxes, investment in capital assets, and payments to suppliers. It is this crucial force that needs to be enabled to unleash economic growth.
In many economies, 80% of the jobs are provided by entrepreneurs. They are responsible for most of the advances in new products and processes, provide most of the employment opportunities and are a key indicator of the overall performance of an economy.
In Nigeria, while there are only about 161 companies listed on the Stock Exchange, the total number of MSMEs as of 2019 stood at 41.5m according to the National Bureau of statistics. Just imagine the scale of jobs that will be created if each of these businesses is empowered to employ just only one additional person.
POPULATION
A developing society is based on the ideal by which equality of opportunity is available to any member, allowing the highest aspirations and goals to be achieved. While society in the past was split between the haves and have nots, society today is split more into those who are included and those left behind.
This inequality is more significant in emerging markets, where 80% of the world reside. According to the National Bureau of Statistics, the unemployment rate in Nigeria is 32.6%, while the youth unemployment rate (15-24 years) in 2020 was 58.3%.
Young people who cannot find jobs still need to eat. With few legitimate options, illegal means become attractive.
Research has shown that youth unemployment increases all sorts of crime. It is estimated that by 2050, Africa’s population will double, reaching 2.5b people – just about the current combined population of India and China. Without a credible plan towards sustainable employment, this could be a ticking bomb.
What is more worrisome is that while the population grew at a rate of 2.6%, the GDP growth rate was lower at 2.2% in 2019 according to the World Bank.
ENABLERS
Enablers are institutions and mechanisms which remove economic blockages and open economic arteries. Anything that enhances economic activity to a community will culminate in an economic driver for the society. Regulators are one of the most critical enablers of a society.
Regulators, however, tend to be either a source of support or a headwind against progress. The regulator should not constrict the pursuit of opportunity nor act in a manner to entrench protectionism.
While Nigeria has become one of the world’s fastest-growing technology markets, attracting investments of over $216m in the first quarter of 2021 alone, there is a palpable apprehension among technology start-ups, after a series of regulatory headwinds from different government bodies.
These include the Central bank of Nigeria’s ban on cryptocurrency trading and the Security and Exchanges Commission’s clampdown on technology platforms for purchasing shares in foreign companies outside the Commission’s regulatory purview and registration.
Until more people think they can successfully start businesses and prosper, we will not have enough jobs in the economy. Other significant enablers are health and education. On the supply side for jobs, the education system needs to be set up so that people leaving, either at the secondary or university level have employable skills.
The most significant enabler in modern times is the Technology Platform. These Platforms provide a means of significantly extending services at low-cost efficiencies, and as a result draw many people into the consumption pool, while also creating many jobs along the value chain which would otherwise simply not exist. Technology Platforms have heralded an era of unprecedented inclusiveness.
For instance, MPESA the popular payment system had more than 60% of Kenya’s 33 million mobile users and in 2015 transacted $28m on her platform. Similar applications have metamorphosed across Africa, and Mobile Money services are today generating 6.7% of Africa’s GDP.
Platforms have made it possible to reach far more than our traditional schools can cater to, by leveraging Massive Open Online Courses (MOOCs). Research and Markets forecast that e-learning will grow to $325 Billion by 2025 from $107b in 2015.
The Covid-19 pandemic has severely tested many sovereign health systems, and many have been found significantly wanting.
INFRASTRUCTURE
Infrastructure speaks to facilities needed for the operation of a society, and includes power, ports, transportation, communication, housing, and not least, broadband to homes and offices. This has now become imperative due to the increase in digital transformation, largely driven by the Covid-19 pandemic. A lack of these will severely constrict the smooth production and delivery of goods and services.
By 2050, the infrastructure needed for the 2.5b Africans will be unprecedented in the history of humankind; 700m housing units, 300k schools, and 100k health centres. Can you imagine Africa without a significant network of rail or a functional underground transport system in 2050?
The UK’s Underground Tube system moves 1.35b people annually and has been operating for about 150 years. African Countries such as Ethiopia and Kenya are making strident advances in rail transportation.
The biggest infrastructure drawback, however, has been electricity. Almost half of the people living in Sub-Saharan Africa do not have access to electricity. The attendant impact on entrepreneurship can only be imagined. If Africa were able to achieve in power what she has achieved in telecoms the impact on sustainable development would be immense.
SOCIO-POLITICAL ENVIRONMENT
Nothing impacts sustainable growth as much as a stable socio-political environment. it enables the attraction of capital for rapid economic development. The rule of law is paramount for a stable polity. Any society that does not abide by some code of conduct whether in public or private matters tends to become chaotic, and virtually ungovernable.
The blind application of the law without regard to status, tribe or creed is what enshrines deterrence. It is the pursuit of deterrence that drives developed countries from sparing any high-ranking members of the society who fall foul of the law, not least their leaders, who are held to a higher account.
When we analyse the conduct of the people from rich and developed countries, we observed that a majority abide by the following principles of life: ethics, integrity, responsibility, the respect of most citizens for the rule of law, pride in their work, the effort to save and invest, and the will to be productive and punctual.
In poorer countries, a small minority follow these basic principles in their daily lives.
A society is not poor because they lack natural resources or because nature is cruel to them, but rather because they lack the right attitude. Conscience is usually thrown out, and justice is on sale to the highest bidder; this is what is known as a market society.
Russian American writer and philosopher, Ayn Rand succinctly sums it up as follows:
“When you see that in order to produce, you need to obtain permission from men who produce nothing – When you see that money is flowing to those who deal, not in goods, but in favours – When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you – When you see corruption being rewarded and honesty becoming a self-sacrifice – You may know that your society is doomed.”
According to Yury Fedotov, Executive Director, United Nations Office on Drugs and Crime,
“Corruption represents a major threat to the rule of law and sustainable development the world over. It has a disproportionate, destructive impact on the poor and most vulnerable, but it is also quite simply bad for business.”
The sustainable development of any society depends on where they lie on the spectrum of these critical five forces.
Where does your society lie?
Credits to Professor Michael Porter for the term “Five Forces Model”
Austin Okere is the Founder of CWG Plc, the largest security in the technology sector of the Nigerian Stock Exchange, and Entrepreneur-in-Residence at CBS, New York.
Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.
Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.
He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.
He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.
According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”
He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.
He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.
According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.
He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.
“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.
Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.
He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”
He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.
“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.
Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.
General News
Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential
Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.
L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.
The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.
In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.
He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.
Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.
Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.
Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.
He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.
“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.
Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.
He described it as the most ambitious energy transformation ever undertaken by the state.
Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.
The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.
Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.
Mr. Freddie Oduro, New Country Manager for Ghana.
Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.
Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in sales, business operations, and market expansion.
In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.
He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.
Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.
“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.
“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”
The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.
The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.
“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.
“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.
“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”
Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.
Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.
This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.
Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its footprint across Ghana.
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