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Market Digest Nigeria

Business

Siemens Highlights Contributions to Nigeria’s Development

German Energy firm, Siemens Nigeria Limited, has highlighted its various contributions to Nigeria’s socio-economic development and sustainability.

The company said its support for sustainable development in Nigeria is driven by its widely acclaimed model, ‘Business to Society (B2S) initiative’, which it said is focused on achieving societal, economic and environmental advancements in different areas.

Such areas, according to Siemens, include economic development, environmental sustainability, developing local jobs and skills, providing value-adding innovation, improving quality of life, and positive societal transformation.

In a statement titled: ‘Siemens: Setting the Pace for Good Corporate Citizenship in Nigeria’, the firm said the challenges bedevilling Nigeria are issues the B2S initiative was out to help address, stressing that “therein lies the relevance and value of (B2S) initiative.”

The Chief Executive Officer of Siemens Nigeria, Onyeche Tifase, who defined the company’s B2S model, explained that: “Our ‘Business to Society’ initiative represents the multidimensional ways we approach the creation of real value in the lives of Nigerians and the Nigerian communities.

“At Siemens, we appreciate how critical it is for businesses to impact on their stakeholders and the society in a positive and sustainable manner. We are proud of our heritage and business in Nigeria, but beyond profits, we measure our success in the broader context of the significant value we have added over the last 50 years.”

According to the statement, since 1970, Siemens’ technology, products and services have contributed to driving the Nigerian economy.

It said the Pricewaterhouse Coopers (PwC) had in its latest B2S report, said in 2019 alone, Siemens contributed a total of $562.5million in gross value addition (directly and indirectly) to Nigeria’s Gross Domestic Product (GDP) through constructive engagement with industries especially in the oil and gas, manufacturing and utilities sectors.

The statement added that the B2S report also revealed that Siemens technology had contributed nine per cent to Nigeria’s operational power generation installed capacity.

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