Lagos targets $250bn revenue from waste-to-wealth projects

The Lagos State Government and other key stakeholders have intensified their commitment to environmental initiatives, aiming to tap into Nigeria’s $250bn green economy potential.

During the 6th Lagos Waste Forum held in Lagos, leaders from the public and private sectors converged to discuss strategies for transforming waste into a driver of economic resilience.

According to a statement, the SWEEP Foundation NG organised the event, with support from UNIDO, the European Union, and Coca-Cola Nigeria, under the theme ‘The Power of Nigeria’s Waste Economy’.

The Special Adviser on the Environment, Olakunle Rotimi-Akodu, who represented Governor Babajide Sanwo-Olu, emphasised the state’s strategic role in Nigeria’s circular economy. He noted that while the city generates massive waste, it also offers a goldmine for innovation.

“Lagos generates vast quantities of waste, but within this challenge lies a significant opportunity, one realised through structure, innovation, and entrepreneurial intelligence,” the Governor’s representative stated.

He further explained that agencies like the Lagos Waste Management Authority, under the leadership of the Managing Director, Dr Muyiwa Gbadegesin, are building an integrated framework. He said this framework “positions Lagos as a hub of circular economy innovation.”

A representative of the Food and Beverage Recycling Alliance provided a breakdown of the sector’s financial promise. The representative cited the Federal Government and UNDP’s Imagine Nigeria report, which identifies a green economy potential of up to $250bn.

“Circularity is not just an ecological necessity but a strategic pathway to jobs, innovation, and environmental protection,” the FBRA official noted. The alliance highlighted that Nigeria produces 32 million tonnes of waste annually, with Lagos alone generating N18bn in recycling value in 2021.

The President and CEO of SWEEP Foundation NG, Obuesi Phillips, described dumpsites as emerging “waste mines.” He advocated for the creation of a Ministry of Waste Resources and a dedicated Green Bank to offer single-digit interest loans to waste-to-wealth entrepreneurs.

The Ogun State Commissioner for the Environment, Dr Ola Oresanya, delivered the forum’s lecture, stressing the need for evidence-based interventions. He urged governments to move beyond mere policy declarations to achieve sustainable environmental results.

“Solutions must be guided by research, innovation, and evidence-based interventions tailored to Nigeria’s local contexts,” Oresanya said. He also called for a technically skilled environmental workforce across all levels of government.

Other notable attendees included the Special Adviser on Climate Change and Circular Economy, Titi Oshodi; the Executive Director of Circular Economy Innovation Partnership, Natalie Beinisch; and UNIDO Field Coordination and Gender Expert, Emem Umana.

The forum concluded with participants pledging to prioritise financing, technology adoption, and community engagement. The stakeholders agreed that these pillars would accelerate Nigeria’s transition to a resource-efficient and climate-smart waste ecosystem.