Lagos, Nigeria, May 16, 2024  

The Office of the Special Adviser to the Lagos State Governor on Climate Change and Circular Economy (OCCE) has said the fastest way to grow and develop a circular economy to curtail the dangers of climate change is to back the sector with sustainable finance.  

Speaking recently at a Sustainability Forum organised by Standard Chartered, Mrs. Titi Oshodi, Special Adviser to the Governor of Lagos State on Climate Change and Circular Economy, said that like the linear economy, finance will play a major role in unlocking the potentials of the circular economy in addressing the socio-economic and environmental changes that face our world today.  

She therefore tasks experts and professionals at the forum to dial up opportunities for sustainable finance, noting that it is the lubricant needed for the growth and acceleration of the circular economy and the different programmes designed to tackle climate change.  

According to her, there are huge opportunities for investors in different sectors of the circular space. She said, “For us at OCCE, we are already transitioning from the grant mentality. While we acknowledge the role of grants, we are convinced that the real opportunity to grow the circular economy sector lies in creating economic value that investors want, entrepreneurs desire, and the market accepts.”  

“So our programmes are anchored on the economics of things. However, we understand that this sector is still in its infancy, so it will need some patient capital, like sustainable finance. Circular businesses are not yet as sophisticated to be exposed to the kind of market realities linear businesses are exposed to. Our sector is in its infancy, so my plea to everyone here today is to rethink sustainable finance and let’s walk this part to collective prosperity together.”  

She furthered that opportunities are enormous, citing sectors such as transportation, fashion, waste, energy, and agriculture as low-hanging fruits for investment.  

She said the OCCE is building a platform called the Economy Business Network to demonstrate its fate and the potential of the sector.  

“With the ECOnomy Business Network, our aim is to put our money where our mouth is. The whole idea is for us to incubate businesses that will pitch for this financing and turn the financing around. We understand that business know-how is one thing and technical skills about circular businesses are another. We know that to run a successful circular business, both skills are required. So we are training and preparing over 200 businesses today for the opportunity that’s to come.”  

She invited guests at the event to partner with the OCCE, explaining that the office believes that the more businesses it creates, the better the lives of people, “as we can increase employment and put money in the pockets of more people,” she concluded.  

The event, which was held in Lagos at the Standard Chartered office, is themed Clean and Renewable Energy Initiatives: Driving Development through Sustainable Financing.” It was attended by leading experts across the sustainability value chain.