At today's Lagos Investors Summit, we unveiled a groundbreaking solution to the city's dual challenges of waste management and energy security - a $400 million Waste-to-Energy Plant to be located in Epe. This strategic facility represents a critical step in our mission to create a cleaner, more sustainable Lagos while addressing the pressing issue of diminishing landfill capacity.
The plant will serve multiple vital functions for our megacity. It will process municipal solid waste that currently overwhelms our landfills, with 80% of existing landfill capacity nearing exhaustion. Through advanced conversion technology, this waste will be transformed into clean energy capable of powering up to 2 million Lagosian homes and businesses. Beyond energy generation, the project will significantly reduce the waste-related flooding that plagues our drainage systems each rainy season.
What makes this initiative particularly compelling is its comprehensive value proposition. The facility is projected to deliver a 12% internal rate of return over 20 years through electricity generation and the introduction of tipping fees. More importantly, it directly supports our climate resilience goals by reducing greenhouse gas emissions from landfills while creating a new stream of renewable energy.
This announcement comes alongside our plans to implement an Early Warning System for extreme weather events. Together, these initiatives demonstrate the
@jidesanwoolu led administration's commitment to innovative, sustainable solutions that address both our immediate environmental challenges and long-term climate adaptation needs. We invite both public and private sector partners to join us in making this vision a reality.
#CleanerLagos #GreaterLagos