Private Sector Key to Our Devt Plan, Says Lagos

Segun James

The Lagos State Government has disclosed a plan to partner the private sector for a sustainable economy to make the state a model in the world.

He revealed that there were ongoing plans to formulate incentive policies that would encourage the sector to adopt viable business practices, increase resource use and reduce cost as the world shifts focus to circular economy.

The Commissioner for Economic Planning and Budget, Mr. Sam Egube made this disclosure at the weekend during a virtual stakeholders’ workshop.

The workshop was organised by organised by the Institute of Directors, (IoD) in collaboration with Afrikairos, Circular Economy Innovation Partnership (CEIP) and Growing Business Foundation (GBF) under the theme, Operationalizing Sustainability and Circular Economy

Egube revealed that the Babajide Sanwo-Olu administration was committed to the state transitioning to a circular economy being incorporated in the state’s 30-year development plan to make Lagos a model in Nigeria, Africa and the world at large.

He said: “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.”

Egube said the workshop was 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 and state.

“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 Governor Babajide Sanwo-Olu,” he said.

He said the state government “has embarked on building a circular economy collaborating with IoD, Afrikairos and other appropriate stakeholders to facilitate workgroups that are targeting pollution, waste reduction, resource efficiency through circular economy engagement and innovation challenge.”

The commissioner noted that the state government would undertake capacity-building programmes for its MDAs to ensure the processes enabled required impact investment and cooperation in realising the target and ambition of a greater and circular Lagos.

“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.”

Also at the workshop, the Group Managing Director/CEO, Nigeria Exchange Group Plc, Mr. Oscar Onyema said the potential of adopting sustainable business practices and circularity to grow the baseline of a business is by maximizing resource use and reducing expenses.

Onyema said mainstreaming sustainability and circularity would require an overhaul of how a business measures its value.

“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.”