Infrastructure

Nordic investors seek to invest into smart city projects across West Africa’s largest commercial city

Governor of Lagos Babajide Sanwo-Olu in conversation with Finland's Deputy Minister for International Trade, Nina Vaskunlahti.

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The Nordic Nigeria Connect just closed in Lagos this week after welcoming delegations of investors from Norway, Denmark, Finland and Sweden. The conference was organized by Nordic countries to present several opportunities across waste and wastewater management, green energy and green transportation solutions across the State of Lagos.

More importantly, the week highlighted Lagos’ leadership position in Nigeria when it comes to embracing sustainability. The State is in fact preparing a historic green bond issuance of NGN 25bn ($60m) under the Nigerian Green Bond Market Development Programme (NGBMDP).

In order to modernize Lagos’ infrastructure, manage its waste and provide energy to its booming urban population, the state administration is looking at capital and technology from Europe. “Lagos generates on average 13,000 metric tonnes of waste day,” declared Governor Babajide Sanwo-Olu at the opening of the conference this week. “This challenge represents a significant opportunity for investors seeking to turn waste into wealth such as energy or fertilizers”

Negotiations around new deals on energy supply were also high on the agenda, especially as Lagos seeks to become more independent from the national grid. Earlier this year, the state made a case for a new energy policy that would see it develop and grow its own electricity market.

Finally, sustainable transportation solutions were advanced as a way to support modern mobility systems across Lagos. These include both the expansion of the state’s Lagos Rail Mass Transit System but also the conversion of its public buses into compressed natural gas (CNG).

Deal making and networking was notably supported throughout the week by the Nigerian Norwegian Chamber of Commerce, a not-for-profit bilateral institution established in 2015 to support business and commercial ties between Norway and Nigeria.

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