The Lagos state government has secured a €120 million facility from the Dutch Development Bank (FMO) to develop a waste to energy project aimed at improving waste management and boosting electricity generation across the state.
The disclosure was made by Kazeem Adegboyega, managing director of Ibile Microfinance Bank, who represented governor Babajide Sanwo-Olu at the LAPO Microfinance Bank Sustainable Finance Conference held on Friday, October 31, in Lagos.
Adegboyega revealed that discussions are underway for an additional $400 million waste-to-energy plant to be sited in Epe.
The facility will process about 3,000 tonnes of waste daily, generate electricity for nearby communities, and ease the burden on existing landfills.
He explained that the initiative aligns with Lagos State’s long term renewable energy agenda, noting that the FMO-backed project would rank among the largest waste-to-energy developments by any subnational government in Nigeria.
Adegboyega added that the state is implementing a broader climate resilience plan, which includes the recent establishment of the Office of Climate Change and Circular Economy (OCCCE) to promote sustainable consumption, recycling, and waste conversion.
Lagos State has also implemented a Climate Action Plan (2020–2025), providing a roadmap to reduce greenhouse gas emissions and achieve net-zero targets by 2050.
In addition, a climate adaptation and resilience plan has been introduced to attract green investments and strengthen infrastructure against flooding and other climate-related risks.
Adegboyega highlighted that the state has planted over seven million trees since 2008 to help reduce carbon emissions.
He further noted that Lagos allocates ₦1 billion annually to each local government and Local Council Development Area (LCDA) to support at least five sustainability-focused projects per council, benefiting more than 1,000 communities.
These projects, he said, include renewable energy initiatives for small businesses, free health insurance schemes for low income families, and extensive tree-planting campaigns.
Adegboyega explained that the bank plays a vital role in advancing Lagos State’s green economy agenda.
Since its inception in 2017, Ibile Microfinance Bank has disbursed over ₦50 million in loans to support recycling, renewable energy, and sustainable agriculture projects across the state.
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