Governor Babajide Sanwo-Olu of Lagos State stated, “Implementing the circular economy initiative would create new wealth for the state.” He made this announcement on Wednesday during the Lagos Circular Economy Hotspot 2023 conference, which was organized in collaboration with the Circular Economy Innovation Partnership (CEIP) and the African Circular Economy Network.
According to Sanwo-Olu, “The state is shifting to an innovative and sustainable consumption model, aimed at saving the future generations of resource scarcity.” He expressed confidence that the circular economy initiative would not only benefit the environment but also create new opportunities for the youths in Small and Medium Enterprises (SMEs). “It will generate more jobs,” he added, “as additional innovative production ideas and extra manpower will be required to keep the regenerated materials in the loop for a long time.”
Describing the essence of the circular economy, Sanwo-Olu explained, “Circular economy is based on the regeneration of products for continuing production in a sustainable and environmentally-friendly manner.” He stressed that this approach would be critical to Nigeria’s future, addressing global economic crises caused by pollution, climate change, and loss of biodiversity.
Speaking about the significance of the Circular Economy Hotspot 2023, the Governor stated, “This speaks to my administration’s core principle of encouraging citizens’ engagements and partnerships, in our bid to sustain a resilient socio-economic development for Lagos.” He emphasised the importance of adopting a circular economy, particularly for developing countries facing the worst impacts of climate change.
Mr. Bolaji Akinboro, co-chairman of CEIP, praised Lagos for its pioneering efforts in adopting the circular economy concept, saying, “Adoption of a circular economy will lay the foundation for big businesses operating in Lagos to key into the new economic trend.”
The Consular General of the Kingdom of the Netherlands, Mr. Michael Deelen, congratulated Lagos for being the first sub-national entity to embark on a circular economic project. He highlighted the urgency of embracing the circular economy to combat climate change and ensure a sustainable future, particularly for Nigeria’s young population.
During the conference, the Lagos State Government signed a Memorandum of Understanding with Netherlands Circular Hotspot, aiming to accelerate the implementation of policies promoting the circular economy and fostering technical cooperation and knowledge exchange.
