L-R; Chairman, House Committee on Commerce, Cooperative, Trade and Investment, Hon. Abiodun Tobun; Representative the Governor of Lagos State and Deputy Governor of Lagos State, Dr. Kadri Hamzat; Honourable Commissioner for Commerce, Cooperative, Trade and Investment, Mrs. Folasade Bada Ambrose ; Deputy Chief of Staff, Mr. Samuel Egube; Special Adviser on Agriculture, Dr. Oluwarotimi Fashola; Honorable Commissioner for Economic Planning and Budget, Mr. Mosopefolu George and his Counterpart in Environment and Water Resources, Mr.Tokunbo Wahab, during the one day investment Lagos Summit, held on the 9th of July, 2025 at Eko Hotel and Suites, Lagos State.
The Lagos State Government on Wednesday reiterated its commitment to ensure a reduction of the quantum of waste ending up at the landfill sites with the adoption of new strategies such as “Waste to Energy Plants” in the state.
Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, made this known at the Lagos Investors Summit 2.0, held at the Eko Hotel and Suites, Victoria Island, saying the Plant is an innovative project designed to convert waste to energy by addressing both efficient waste management and energy generation for Lagos State.
Wahab, while appraising the theme of the summit “Scaling Action: Bold Solutions for Making a Lagos 21st Century Economy”, said the Waste to Energy Plant is a project that would offer a crucial opportunity to increase generating capacity by leveraging municipal solid waste as a resource for energy generation.
He explained that the State faces a significant waste management challenge, which is approximately 80% of landfill capacity nearing the end of its life, 63% formal waste collection coverage, and 67% of households resorting to illegal dumping.
He stressed that the aforementioned challenges contribute majorly to flooding issues during extreme weather events by blocking the drainage systems in the state.
According to him, the value proposition of the Waste to Energy Plant anticipates an Internal Rate of Return (IRR) of 12% over a 20-year operating period, underpinned by electricity pricing and the introduction of a tipping fee.
He said what made the project different is the Flood Prevention, Increased Energy Security, as well as creating revenue and supporting the National Energy Transition Plan.
He added that the project will also remove solid waste from densely populated areas, ensure clean disposal of waste, maintain landfills, Carbon-Conscious facility design, and also generate clean energy for up to two million Lagosians
He mentioned that the facility is proposed to be situated at Epe with a projected Capital Expenditure (CAPEX) of around $400 million
He maintained that Lagos is a state highly exposed to physical climate risks, with the notion that by 2050, most parts of the state would be exposed to extreme heat, and more than 65% of residents will be affected by flooding.
He added that climate change-induced extreme weather events have been reported to severely impact critical infrastructure, with more than 1000 education and health centres expected to be disrupted by flooding.
Wahab also said the “Early Warning System for Extreme Weather Events” will address flooding and climate change issues in the state.
“The value proposition of the project is that it will be self-amortising with strong revenue, growth potential and will easily be scalable to other regions,” he said.
He added that the traction of the project would be a Private Sector Design, build, finance, and operate facility with minimal government intervention.
He said the Early Warning System for extreme weather events will help with Disaster Management Databank and Risk Protection, which protects life and property from severe flooding and heat waves.
