Government of Lagos State, Southwest Nigeria, says there are ongoing plans to formulate incentive policies that would encourage the private sector to adopt viable business practices, increase resource use and reduce cost as the world shifts focus to Circular Economy.
The States Commissioner for Economic Planning and Budget, Sam Egube said this was part of the government’s commitment towards partnering with the private sector for a sustainable economy.
Egube made this known at the weekend during a virtual Stakeholders’ Workshop tagged “Operationalizing Sustainability and Circular Economy” organised by the Institute of Directors, (IoD) in collaboration with Afrikairos Circular Economy Innovation Partnership (CEIP) and Growing Business Foundation (GBF).
The Commissioner disclosed that the state Governor, Babajide Sanwo-Olu had earlier announced the state’s commitment of transiting to a circular economy at a World Circular Economy Forum and that is being incorporated in the State’s 30-year development plan to make Lagos a model for circular economy in Nigeria, Africa and the world at large.
According to him, “It is of great essence that our collective effort towards a sustainable society can be measured, monitored and evaluated in a way that is acceptable and aligns with global best practice. Lagos State will consider enabling policies that will enhance incentives for the private sector to report sustainability and circular economy as we need to hold each other accountable, both government and private sector, whereby material data, and data integrity, is key to tracking, monitoring and improving performance.”
He added that the workshop is an opportunity to learn from one another and facilitate the convergence of thoughts, experience and knowledge whilst developing an economy that is more distributive, inclusive, and would help achieve growth and simultaneously address the threats of high unemployment in the society.
“This workshop is coming at a time when the Lagos State Government seeks to rebuild our dear State, we want to build back better, stronger and more sustainably.
This, in line with the THEMES agenda under the amiable leadership of our indefatigable Mr Governor Babajide Sanwo-Olu.”
The Commissioner added the state government has commenced the building of a circular economy, in collaboration with IoD, Afrikairos and other appropriate stakeholders.
According to him, this will facilitate workgroups that will target pollution, waste reduction, resource efficiency through circular economy engagement and innovation challenge.
Egube noted that the State government realising the target and ambition of a greater and circular state, would undertake capacity-building programmes for its MDAs to ensure the processes enables required impact investment and cooperation.
The Commissioner spoke further, “For us in the public sector, we have embarked on making circular economy concrete through our partnership with IoD, Afrikairos, CEIP in facilitating workgroups that are targeting pollution, waste reduction, resource efficiency through circular economy engagement and innovation challenge.
“We will embark on capacity building programmes for our MDAs to ensure our processes enable requisite impact investment and partnership in achieving the target and ambition of a greater and circular Lagos.”
The Group Managing Director/CEO, Nigeria Exchange Group Plc, Oscar Onyema, in his address, said the potential of adopting sustainable business practices and circularity to grow the baseline of a business is by maximizing resources use and reducing expenses.
Onyema added that mainstreaming sustainability and circularity would require an overhaul of how a business measures its value.
He said, “the potential of adopting sustainable business practices and circularity to significantly increase the baseline of a business by maximizing resource use and reducing expenses.
However, mainstreaming sustainability and circularity will require an overhaul of how a company measures its value. Identified barriers need to be addressed, awareness raised, opportunities for action and engagements seized, and capacity built. Innovation will also play a crucial role as we look to conduct our businesses in line with global standards to create shared value.”
The General Manager/CEO, Lagos State Environmental Protection Agency (LASEPA), Dr. Dolapo Fasawe in her presentation, said “ the Circular Economy requires embracing a systematic approach to economic development that would benefit the society, environment and businesses, which can be done by designing economic activities to disengage growth from the consumption of finite resources; consequently resources are conserved and sustainably used.”
The workshop was also graced by: President and Chairman, Governing Council of IoD Nigeria, Chris Okunnowo; President, Association of Sustainability Professionals (ASPN), Prof. Kennenth Amaeshi; C.E.O, Rating Evidence, GmBh Europe, Dr. Oliver Everling and moderated by Partner, Afrikairos & Chair, CEIP and GBF, Dr. Ndidi Nnoli-Edozien.