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 was 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

was 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 faced significant waste management challenge which was 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 contributed majorly to flooding issues during extreme weather events by blocking the drainage systems in the state.

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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 was the Flood Prevention, Increased Energy Security as well as  creating revenue,  and support the National Energy Transition Plan.

He added that the project would also remove solid waste from densely populated areas, ensure cleanly disposed waste, maintain landfills, Carbon-Conscious Facility Design and also generate clean energy for up to two million Lagosians.

He mentioned that the facility was proposed to be situated at Epe with a projected Capital Expenditure, CAPEX, of around $400 million.

He maintained that Lagos was a state highly exposed to physical climate risks with a notion that by 2050, most parts of the state  would be exposed to extreme heat and more than 65% of residents would be affected by flooding.

He added that climate change induced extreme weather events had been reported to severely impact critical infrastructure, with more than 1000 education and health centers expected to be disrupted by flooding.

Wahab also said the “Early Warning System for Extreme Weather Events” would address flooding and climate change issues in the state.

“The project will give early warning systems to alert residents about imminent weather events, including flooding thus enabling timely action.

“The value proposition of the project is that it will be self amortizing 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 Private Sector Design, Build, Finance and Operate facility with minimal government intervention.

“What Makes the Idea Different includes Flood prevention and Growing Markets for disaster resilience solutions,” he said.

He said the early warning system for extreme weather events  would help with disaster management databank and risk protection which protects life and property from severe flooding and heatwaves.

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The theme for the event is “Love in a Box” and it has the support of the management of Eko Hotels Limited.

According to a statement issued in Lagos by Tube Afrique, organisers of the awards, the event, which will have multi-level players in the television industry in attendance, will bring stakeholders up to speed on plans for the first edition of the awards later in the year.

The statement issued by Executive Director, Tube Afrique, Niran Adedokun, noted that: “This is the first time in Nigeria the TV industry will be getting a well-deserved spotlight. It will be a night of a mixture of glamour and serious, and we are excited to share what we have in store for the industry.”

The statement explained further that the Tube Awards is devoted to recognising and celebrating the outstanding individuals who work tenaciously to tell captivating stories that reflect our culture and identity on the small screen.

The award will reward achievements in the artistic and technical fields of TV production in Nigeria and Africa.

“Despite the technological advancement in TV viewing, TV remains a valuable platform where memorable stories and characters are told and built. So, this is our way of reminding the public why those who bring these stories to life are important by recognising and rewarding excellence,” the statement reads in part.

It informed that the unveiling would serve as a platform to intimate practitioners and stakeholders on the peculiarities of the awards and receive feedback from them.

The organising committee, while thanking Eko Hotels for supporting the event, promised that the night would be punctuated with music from a live band.

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