OCCE Inducts 200 Circular Businesses at the ECOnomy Business Network to Come on Stream  

Lagos, Nigeria – May 17, 2024  

The Office of Special Adviser to the Lagos State Governor on Climate Change and Circular Economy (OCCE) has inducted over 200 businesses within the Circular Economy space in Lagos into its business incubation programme, the ECOnomy Business Network (EBN).  

The EBN is one of the pillars of ECOnomy Lagos, an initiative launched by the office in February. The EBN, according to Mrs. Titilayo Oshodi, the Special Adviser to the Governor of Lagos State on Climate Change and Circular Economy, is a platform where the office seeks to incubate businesses across the IBILE division in Lagos.  

According to her, there is overwhelming evidence that the circular economy is a veritable tool to tackle the rising threats of climate change. However, that wouldn’t happen if there were no businesses operating in space. She expresses worry that there is still a dearth of circular entrepreneurs in the market, noting that despite the world’s attempt to move away from a linear economy, the majority of new businesses are still hinging on it. She said it is not just a sad reality; it requires an urgent intervention to balance the equation of linear businesses with circular businesses.  

“The idea of a circular economy is to ensure that waste is reused in ways that they can create economic value like employment and wealth along their production chain. This will ensure that waste is optimally collected and put to economic use. However, if you don’t have enough businesses in the system, no one will collect the waste, and because value is not being created, there is no way to create jobs and wealth.”  

“So, this realisation is what birthed the EBN. Our goal is to ensure that we host and support businesses that will take on the challenges of the circular space, overcome these challenges, and unlock prosperity for all. And we are happy to say today that, after a very thorough process, we have the first 200 members getting on this journey with us.”  

She said that initiatives like the EBN and others from the OCCE are designed to realise the vision of Governo Babajide Sanwo-olu to achieve a zero-carbon Lagos by 2050.  

“We remain very grateful to Mr. Governor for his support of initiatives like this that we carry out at the OCCE. Our goal is to ensure that we take that ambition forward to create jobs, wealth, and reduce carbon emissions.”  

She furthered, “The EBN is designed to present to the market a new set of entrepreneurs who understand the mandate and the urgency of the climate situation. Our goal is to establish the economic angle of circularity and prove that it is an investible and bankable sector for investors.”  

“We have identified some of the issues in the sector, and we will be working with these over 200 brilliant minds to co-create solutions. We have partnered with stakeholders across the public, private, and multilateral sectors who have agreed to come on board with us as we all work to unlock the sector for investment and global interest. These industry stakeholders, including GIZ, the FABE Foundation, Free Recycle, Bay Planning, and BTNL, to mention a few,”.  

Speaking during the induction, Lekan Balogun, the Special Adviser to the Lagos State Governor on Economic Planning and Budget, commended OCCE’s efforts to empower young entrepreneurs, reaffirming the state’s commitment to fostering economic development.  

Guest speaker Mr. Bankole Oloruntoba, Team Lead at the Nigeria Climate Innovation Center, urged members to seize the sector’s vast opportunities, emphasising the importance of building sustainable businesses over reliance on grants.  

Additionally, Mrs. Toyin Craig Adeniran, Private Sector Development Advisor with Sustainable and Inclusive Economic Development in Nigeria (SEDIN) for GIZ Lagos, shared strategies for scaling ecobusinesses and fostering collaboration within the MSME ecosystem, furthering GIZ’s commitment to facilitating investment in circular businesses.  

With the unwavering support of the Lagos State Government and dedicated officials like Lekan Balogun, the ECOnomy Business Network is poised to drive economic growth, foster innovation, and contribute to realising a zero-carbon Lagos by 2050. As we embark on this journey together, let us celebrate the induction of our inaugural cohort and anticipate a future where circularity thrives, businesses flourish, and sustainability reigns supreme.  

Write a comment

Your email address will not be published. Required fields are marked *