By Ayomide Otitoju
In a world where sustainability is increasingly crucial to economic growth, the concept of a circular economy has emerged as a vital solution to urban challenges. Unlike the traditional ‘take, make, dispose’ model, the circular economy emphasizes resource reuse, waste minimization, and maintaining the value of materials for as long as possible. This innovative approach not only reduces environmental impact but also creates new avenues for growth and innovation.
Lagos State, a bustling metropolis generating over 10,000 metric tons of waste daily, faces mounting pressure to adopt sustainable waste management practices. Much of this waste ends up in landfills, straining the city’s infrastructure and posing health and environmental risks.
In response, Wema Bank, in collaboration with the Lagos State Government, has launched the “Leave No One Behind” initiative. This groundbreaking program aims to empower over 20,000 women and girls with the skills needed to engage in the circular economy, turning waste into valuable products and fostering economic independence. By contributing to sustainable urban development, Wema Bank is not only improving individual lives but also reshaping the economic landscape.
A key aspect of the initiative is the development of circular economy skills among women at the Special Correctional Centre for Girls in Idi-Araba, who are now trained to produce ottoman seats, mirrors, and jewelry from waste materials. Additionally, a collection center benefits up to 1,000 community members, collecting 200 kg of recyclables weekly, which generates income for the center. The project also includes the installation of a biogas digester, producing 100 kg of methane gas for cooking fuel at the center, and organic fertilizer for the facility’s farm, improving produce quality and cutting market costs.
These efforts showcase the transformation of the center into a model of the circular economy, emphasizing efficiency, revenue generation, and carbon emission reduction. The initiative has created 50 jobs and significantly reduced the need for liquefied petroleum gas (LPG) through sustainable biogas production.
Wema Bank’s role is pivotal in supporting this initiative. The bank provides grants to women for their new businesses and offers the SARA Health Plan, ensuring their well-being. Long-term, the bank is committed to financial literacy programs and resources for small and medium-sized enterprises (SMEs), recognizing the circular economy’s potential to create sustainable businesses and drive local economic growth.
This initiative is aligned with Sustainable Development Goal 12, which promotes responsible consumption and production. By turning waste into valuable resources, the project not only empowers marginalized communities but also reinforces Wema Bank’s dedication to sustainable development and corporate social responsibility.
The “Leave No One Behind” initiative is transforming the Special Correctional Centre for Girls into a thriving hub that collects 200 kg of recyclables weekly, engaging 1,000 community members. This operation generates revenue, promotes welfare, and strengthens sustainable waste management practices.
The program’s social and economic impact is profound. Empowering women to create marketable goods from waste fosters economic independence and creativity, while the installation of the biogas digester offers an eco-friendly, cost-effective alternative to LPG, reducing carbon emissions. Additionally, the supply of organic fertilizer to the facility’s farm enhances local agriculture, contributing to better nutrition and lower costs for residents.
Wema Bank is committed to expanding this model across Lagos, further amplifying the initiative’s social and economic benefits in line with the state’s T.H.E.M.E.S Agenda. Through innovation and sustainability, Wema Bank continues to empower communities and drive long-term development across Nigeria.
