LAGOS – Lagos residents hoping for improved waste management can heave a sigh of relief, courtesy of a N3 billion credit line extended by First City Monument Bank (FCMB) to the Association of Waste Managers of Nigeria (AWAMN) in the state.
The credit line, facilitated by the Lagos State Waste Management Agency (LAWMA), will boost the working capital of Private Sector Participants (PSPs) in waste collection, aggregation, and recycling.
It will empower them to purchase modern equipment such as trucks and upskill their human resources for smooth and efficient waste management.
Mrs. Yemisi Edun, Managing Director, First City Monument Bank, while commenting on the initiative, said: “We are excited to provide loans to AWAMN members, with the support of LAWMA, to upscale their operations in order to safeguard the Lagos environment. FCMB recognises that a cleaner and more sustainable environment is key to building a better world for present and future generations”.
Edun commended LAWMA for striving to maintain the city’s sanitation standards to prevent the outbreak of diseases associated with poor waste management.
Also speaking, the Regional Head, Lagos, FCMB, Mr Adelaja Adeleye, said: “Efficient waste management requires capital intensive equipment without which AWAMN cannot perform optimally. As a financial solutions provider of choice, we are bridging the financing gap in the waste management ecosystem in Lagos with this N3 billion intervention fund.