A consortium of environmental companies led by Visionscape Sanitation Solutions, operating through an incorporated Special Purpose Vehicle, the Municipality Waste Management Contractors Limited, has issued a N50 billion Medium Term Notes to finance the implementation of the Cleaner Lagos Initiative (CLI).
The Lagos State Ministry of the Environment fully supports the innovative financing structure being adopted by Visionscape and its partners, to ensure prompt deployment of the Cleaner Lagos Initiative.
A consortium of environmental companies led by Visionscape Sanitation Solutions, were recently appointed to implement various aspects of the Cleaner Lagos Initiative.
The companies and their local partners will provide vital infrastructure by designing, building and managing the first engineered sanitary landfill in Nigeria. They will also provide waste collection, processing and disposal services for residential properties, roads and highways.
At a Roundtable recently held in Lagos, with key stakeholders to fully communicate the environmental, social and economic impact of the CLI in Lagos State to potential financiers and urge them to support Visionscape in its efforts.
The promoters of the project announced that the Series 1 of the financial instrument is a five-year N27billion Note issued under a N50billion Medium Term Note Programme. The Notes present a viable financing structure for environmental and social impact investments in Nigeria.
The Lagos State Government recently launched the CLI, which is expected to commence fully in September 2017. It aims to protect the environment, human health, and social living standards of Lagos residents by promoting a harmonised and holistic approach to the challenges thereby improving operational efficiency.
The Initiative also targeted at providing over 27,500 street sweeping jobs, and 400,000 indirect jobs within the State, as part of a poverty alleviation initiative and incentives such as tax relief and healthcare, life, injury and accident insurance benefits.
It therefore entails the reform and consolidation of various environmental policies including restructuring of the existing waste collection and management system to ensure a sustainable waste management system through incorporation of global best practices and adoption of best in class technologies.
The reform will lead to the introduction of a Public Utility Levy and the establishment of an enforcement task force, the Lagos State Environmental Sanitation Corps (LAGESC), to facilitate enforcement. The CLI is backed by the recently passed Environmental Management and Protection Law.
Visionscape Sanitations Solutions is an environmental utility group with extensive expertise and innovative solutions to deploy effective integrated waste management system in emerging markets like Lagos.