Lagos Governor Babajide Sanwo-Olu has approved a budget for 2023 to assist Private Sector Participation (PSP) operators in recapitalizing their fleets by introducing new waste evacuation trucks.
Ibrahim Odumboni, Managing Director/CEO of the Lagos Waste Management Authority (LAWMA), announced this on Thursday.
He added that recyclers would be able to obtain the tools they needed for their projects.
Odumboni emphasized that the recapitalization was intended to improve waste management in order to make the environment cleaner and more livable for residents, as well as to deal with the amount of water generated daily.
He explained that the recapitalization 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 plans 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 fleets 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 allowing them to expand their businesses and create more jobs.
“In addition to the recapitalization, the government also plans to empower recyclers with relevant tools and equipment needed to carry out their work effectively.
This initiative aims 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.”