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Business News of Thursday, 9 March 2023


Sanwo-Olu lifts PSP operators with recapitalisation fund

Lagos Governor Babajide Sanwo-Olu Lagos Governor Babajide Sanwo-Olu

Lagos Governor Babajide Sanwo-Olu has approved a 2023 budgetary plan to help Private Sector Participation (PSP) operators recapitalise by injecting new waste evacuation trucks into their fleet.

Managing Director/CEO of the Lagos Waste Management Authority (LAWMA), Ibrahim Odumboni, announced this on Thursday.

He said recyclers would also be empowered to procure necessary tools for their projects.

Odumboni stressed the recapitalisation was aimed at improving waste management to make the environment cleaner and livable for residents, and to cope with the amount of water generated daily.

He explained that the recapitalisation would help to address most of the challenges faced by the PSP operators, including the high cost of evacuation trucks, which many of them need but cannot.

He said: “The Lagos State government’s plan is to provide the PSP operators with low-interest loans to purchase new trucks. The government will also provide technical assistance to the PSP operators to help them manage their fleet more efficiently. It will also stimulate economic growth by providing opportunities for small businesses to thrive. “By providing the PSP operators with low-interest loans, we are giving them the opportunity to expand their businesses and create more jobs.

“In addition to the recapitalisation, the government also plans to empower recyclers with relevant tools and equipment needed to carry out their work effectively. The aim of this initiative is to reduce the amount of waste that ends up in landfills. By empowering recyclers, the government hopes to create a more sustainable waste management system where waste is seen as a resource and not a problem.”

Members of the Association of Waste Managers of Nigeria (AWAM) in Lagos State have launched a door-to-door campaign in support of Governor Babajide Sanwo-Olu’s re-election.

The campaign, which kicked off in Ikeja, holds simultaneously across the 20 local government areas and 37 local council development areas to sensitise residents on the need to support Sanwo-Olu’s second term bid.

President of AWAM David Oriyomi thanked Governor Sanwo-Olu for his support, stressing that the current administration had enhanced the waste management system with the incorporation of over 400 PSP operators who provide effective waste service delivery to Lagosians.

“AWAMN supports Governor Sanwo-Olu 100 per cent; he stood by us and we will always stand by him,” he added.