FCMB offers 3 billion naira line of credit to waste managers in Lagos
Lagos residents hoping for better waste management can breathe a sigh of relief, following a 3 billion naira line of credit granted by the First City Monument Bank (FCMB) to the Association of Waste Managers of Nigeria ( AWAMN) in the State.
The line of credit, facilitated by the Lagos State Waste Management Agency (LAWMA), will increase the working capital of private sector participants (PSP) in waste collection, aggregation and recycling. This will allow them to purchase modern equipment such as trucks and to improve their human resources for smooth and efficient waste management.
Commenting on the initiative, Ms. Yemisi Edun, Managing Director of First City Monument Bank, said: âWe are delighted to provide loans to AWAMN members, with the support of LAWMA, to scale up their operations to protect the environment of Lagos. FCMB recognizes that a cleaner and more sustainable environment is essential to build a better world for present and future generations â.
Ms. Edun commended LAWMA for striving to maintain the city’s sanitation standards to prevent the onset of diseases associated with poor waste management.
Also speaking, Lagos Regional Manager, FCMB, Mr. Adelaja Adeleye, said: âEffective waste management requires capital intensive equipment without which AWAMN cannot function optimally. As the financial solutions provider of choice, we are closing the financing gap in the waste management ecosystem in Lagos with this N3 billion response fund. We are optimistic that this will improve the city’s waste management process, from collection, transportation and treatment to disposal.
For his part, the President of AWAMN, Mr. David Oriyomi, called the FCMB line of credit a welcome development. He noted that this will benefit operators and the state as a whole, as waste managers can now access funds at a minimum interest rate.
âWith better access to funding, there will be more trucks in the system and service delivery will be greatly improved. Regardless of the amount of income or expected income, every AWAMN member would have access to this credit facility. For this reason, residents of Lagos should expect a more consistently cleaner Lagos â.