Lagos Targets SME Green Economy at Business Forum

Tokunbo Wahab calls sustainability economic opportunity for 9,000 enterprises

Lagos, Nigeria – Lagos State Commissioner for Environment and Water Resources Tokunbo Wahab positioned green economy initiatives as profit opportunities rather than regulatory burdens for small and medium enterprises at the Lagos Green Economy Forum on Wednesday. The event addressed environmental sustainability strategies for approximately 9,000 registered businesses across Lagos State.

SMEs Central to Lagos Economic Strategy

Wahab couldn’t attend personally, so Lagos State Environmental Protection Agency (LASEPA) General Manager Babatunde Ajayi spoke on his behalf. The message was clear: small businesses aren’t just important to Lagos – they’re essential.

“Small businesses are the engine of the Lagos economy, and we have about 9,000 businesses driving commerce in the state,” Wahab said through his representative.

The commissioner urged entrepreneurs to view sustainable business practices as competitive advantages. Whether that actually translates to enhanced profitability remains to be seen, but the pitch was that going green beats paying compliance fines.

Plastic Ban Creates New Business Opportunities

Lagos State’s single-use plastic prohibition appears to demonstrate how environmental regulations can generate economic value. At least, that’s the official line. The policy may have created new revenue streams in recycling, biodegradable packaging, and waste management services.

“Plastic has been a menace all over the world… But now there’s value chain in recycling and people make money from plastic,” Wahab explained, citing what he sees as the ban’s economic impact.

The plastic prohibition, implemented in 2024, certainly forced businesses to scramble for alternative packaging solutions. Whether it created meaningful employment in recycling and waste processing is still being measured, though early signs suggest some success.

IHS Towers Nigeria Director of Sustainability Titilope Oguntuga outlined the telecommunications infrastructure company’s approach – flexible vendor contracts and advance payment systems for small suppliers. It sounds good on paper, though the real test is how many small vendors actually benefit.

MTN Nigeria Senior Manager of Sustainability Temilade Olabanji talked up the company’s net-zero carbon emissions target by 2040. She also mentioned local procurement policies designed to strengthen Nigerian business resilience and reduce import dependence. Ambitious goals, but 2040 is still a long way off.

Both companies emphasized partnerships with local SMEs as essential components of their sustainability strategies. The question is whether these partnerships will survive when economic pressures mount.

Government Plans Continued SME Engagement

Lagos State government committed to expanding green economy support through additional business forums and compliance assistance programs. Officials outlined plans for sector-specific guidance to help SMEs adopt sustainable practices while staying competitive.

The forum appears to reinforce Lagos State’s position as Nigeria’s commercial hub pursuing environmental objectives through business-friendly policies rather than punitive regulations. Whether this approach will actually work or if it’s just good politics may become clearer as more businesses try to implement these sustainability measures.

By Abdullah Korede