Lagos to boost finances, tackle environmental issues with green economy

By Halimah Balogun

The Lagos State government is spearheading a green economic revolution to position environmental sustainability as a key driver of economic growth and development.

This was emphasized by Special Adviser to the governor on Climate Change and Circular Economy, Titilayo Oshodi, at the inaugural Environmental, Social and Governance (ESG) Workshop organized by the Office of the Special Adviser on Climate Change and Circular Economy.

Oshodi highlighted the significant economic opportunities presented by the green economy, particularly in sectors like waste management, renewable energy, and sustainable agriculture.

She stressed that by embracing circular economy principles, and investing in green technologies, Lagos will not only address pressing environmental challenges like waste generation and pollution, but also create a significant number of jobs and stimulate economic growth.

“The green economy is not just about environmental protection; it’s about economic prosperity. By transitioning to a circular economy, we can unlock significant economic value from waste streams, creating new businesses and employment opportunities,” she noted.

Oshodi also said the state is actively promoting sustainable business practices through initiatives like the Economy Business Network (EBN), which supports over 500 eco-enterprises.

She added: “The EBN is more than just a network; it is a dynamic ecosystem designed to empower eco-enterprises and support sustainable business practices across the state. This network aims to equip businesses with the necessary tools, resources, and networks to thrive in a competitive yet environmentally conscious market.” The governor’s aide also emphasised the importance of data-driven decision-making and technology to address environmental challenges and identify economic opportunities.

She reiterated the government’s commitment to creating an enabling environment for green businesses to thrive, including the development of a regulatory framework that supports green businesses and promotes environmental accountability.

Oshodi added: “This initiative aligns with the government’s broader vision of sustainable development, focusing on creating a balance between economic growth and environmental protection.”

Special Adviser to the governor on Economic Planning and Budget, Lekan Balogun, reaffirmed the government’s dedication to promoting a circular economy, with a focus on sustainable development, green financing, and environmental accountability.

He said: “We need to budget differently. We need to budget for sustainability. We need to budget for sustainable growth, sustainable development, which are being pushed by the circular economy agenda.”

Balogun noted that the Ministry of Economic Planning and Budget is committed to supporting entities like the Office of Climate Change, Lagos Waste Management Authority (LAWMA), and the Ministry of the Environment, in their efforts to educate and sensitize the public on environmental issues.

“We work with them daily to provide funding and approvals so they can achieve their core mandates of sensitisation, campaign, and awareness to change the mindset and behavior of our people at large.

“Waste to wealth is not just a catchy phrase; it’s action points, responsibilities, consciousness of the behavior towards achieving the goal of where we want to be.”

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