First City Monument Bank has opened a N3bn credit line to the Association of Waste Managers of Nigeria in the state.
The credit line which was facilitated by the Lagos State Waste Management Agency would boost the working capital of private sector participants in waste collection, aggregation, and recycling.
The bank said the credit is aimed at empowering the recipients to purchase modern equipment such as trucks and upskill their human resources for smooth and efficient waste management.
FCMB Managing Director, Mrs Yemisi Edun, expressed satisfaction with the initiative.
She 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.”
She commended the waste agency for striving to maintain the city’s sanitation standards to prevent the outbreak of diseases associated with poor waste management.
Speaking, the Regional Head, Lagos, FCMB, Mr Adelaja Adeleye, said efficient waste management needs capital intensive equipment without which AWAMN cannot perform optimally.
He added:“As a financial solutions provider of choice, we are bridging the financing gap in the waste management ecosystem in Lagos with this N3bn intervention fund.We are optimistic that it will improve the city’s waste management process, starting from collection, transportation and treatment to disposal.”
According to the President of AWAMN, Mr David Oriyomi, the credit line would benefit operators and the state at large because waste managers could now access funds at a minimum interest rate.
He added that there will be more trucks in the system and service delivery will be greatly enhanced due to improved access to funding.
“No matter how small the income or expected income, every member of AWAMN would have access to this credit facility. For this reason, Lagos residents should expect a more consistently cleaner Lagos.”
Over the years, FCMB had offered significant support to initiatives that ensured environmental protection and sustainability, the statement said.
It added that since 2016, the bank had consistently supported the Lagos State Government’s Cleaner Lagos Project to achieve a healthier environment.
