Business

Lagos attracts investors for two waste conversion projects at COP28

The participation of Lagos State at the ongoing COP28 Climate Summit in Dubai, United Arab Emirates, has delivered opportunities for potential foreign investment in two waste conversion initiatives of the state.

The waste conversion initiatives that the Lagos State Government pitched at the summit and received significant interest from investors are the Advanced Garbage Collection and Waste-to-Energy project and the building of a new Sewage Treatment Plant.

Nairametrics gathered this information from a press release published on the official website of the Lagos State Government on Monday.

According to the press release, Governor Babajide Sanwo-Olu broke the news that the state government had secured financing deals for two waste projects at an event held at Nigeria Pavilion, on Sunday.

More insights on the two waste conversion projects

The Lagos State governor further explained that the two waste sector projects were at a pivotal stage, awaiting technical review by interested investors and disbursement of funds to transform the ideas into reality.

According to Sanwo-Olu, the development marked another step forward in Lagos’ journey towards environmental sustainability and resilience.

He said that if the waste projects are successfully delivered, the burden of waste the state is currently facing would turn into an opportunity for the State, noting that the investments represented his administration’s commitment to improving the lives of Lagosians.

Here’s what Gov. Sanwo-Olu said about the waste projects:

  • “Today marks a significant milestone in our journey towards sustainability and resilience. Two of our key initiatives, which are the Advanced Garbage Collection and Waste-to-Energy project, and the Sewage Treatment Plant, have attracted significant investment interest.
  • These projects are currently at a pivotal stage; we are waiting on the investors to conduct technical analysis and put in the funds to turn the ideas into reality.
  • “Given that all cities face a collective threat of climate change, bringing about solutions requires collaboration and partnership.
  • Our participation at COP28 has been driven by the cardinal objective to have direct engagements on sustainability with committed partners who can collaborate with us to create sustainable solutions to our local environmental challenges.
  • The global climate budget is reserved for sustainable development and for all of us to take action in mitigating impacts of environmental pollution and climate change.”

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