At a time when issues of environmental sustainability trumps all profit motives within the socioeconomic realm, most businesses are finding a nexus between keeping the profit margins high as much as they worry about building sustained legacies for their businesses.
This is quite unlike the traditional linear economy, which follows a ‘take, make, dispose’ model, the circular economy emphasises reusing resources, minimising waste, and maintaining the value of products and materials for as long as possible. This transformative approach not only helps reduce environmental impact but also opens up new opportunities for growth and innovation.
A typical test case is Lagos State; a bustling metropolis that generates thousands of tons of waste daily, the need for sustainable waste management practices is more pressing than ever.
With recent studies showing that Lagos produces over 10,000 metric tons of waste each day, much of which ends up in landfills without proper processing. This not only strains the city’s infrastructure but also poses significant health and environmental risks.
Thus recognising the potential of turning this challenge into an opportunity, Wema Bank, in partnership with the Lagos State Government, supported the “Leave No One Behind” initiative. This groundbreaking program aims to equip over 20,000 women and girls with the skills needed to participate in the circular economy, transforming waste materials into valuable products and fostering economic independence. Through this initiative, Wema Bank is not only contributing to the betterment of individual lives but is also actively participating in the drive towards sustainable urban development.
By focusing on empowering marginalised communities and turning waste into a resource, the initiative underscores the potential of innovative, sustainability-driven solutions to reshape economies and enhance the quality of life for all residents.
Key milestones of the initiative include the development of circular economy competencies among women at the Special Correctional Centre for Girls in Idi-Araba, where they have been trained to produce ottoman seats, mirrors, and jewelry from waste materials. Additionally, the establishment of a collection center benefits up to 1,000 community members, with a weekly collection of 200 kg of recyclables, generating revenue for the centre.
The initiative also includes the development of a biogas digester that produces 100 kg of methane gas, providing sustainable cooking fuel for the kitchen at the Special Correctional Centre, and an improved supply of organic fertilizer to the facility’s farm, enhancing the quality of produce and reducing market purchasing costs.
These achievements showcase the transformation of the center into a circular economy model, emphasising resource efficiency, cost savings, revenue generation, and carbon emission reduction. The infrastructure supports 1,000 individuals, creates 50 employment opportunities, collects 200 kg of recyclable waste daily, and produces 100 kg of biogas, effectively replacing LPG and reducing costs.
WEMA Bank’s role in this initiative is pivotal. The bank is committed to empowering lives through innovation, and this initiative aligns perfectly with its mission. WEMA Bank is providing grants to support the new businesses and skills acquired by the women involved in the initiative. Additionally, the bank offers the SARA Health Plan to these women, ensuring their health and well-being.
WEMA Bank’s long-term commitment includes providing financial literacy programs, SME toolkits, and other resources beneficial to children, young people, and the broader Lagos State community. The bank believes in the potential of the circular economy to create sustainable businesses, boost local economies, and support MSMEs, which are the backbone of economic development and growth.
This initiative is more than an empowerment scheme; it is a comprehensive effort to ensure that marginalised individuals are occupied with legitimate work after their release. By turning waste into valuable resources, the initiative aligns with Sustainable Development Goal 12 on responsible consumption and production. Through this initiative, WEMA Bank is actively supporting and upholding SDG 12 by promoting a circular economy that encourages the use, reuse, and recycling of resources. This commitment not only provides opportunities for young people to manage sustainable businesses and contribute to local economies but also reinforces WEMA Bank’s dedication to sustainable development and responsible corporate citizenship.
The “Leave No One Behind” initiative, supported by WEMA Bank, has the potential to contribute significantly to Lagos State’s economy through innovative revenue-generating practices. The correctional centre for girls has been transformed into a thriving collection center that now engages approximately 1,000 community members, collecting 200 kg of recyclables weekly. This operation not only promotes community welfare but also generates substantial revenue by converting waste into valuable resources. Through this initiative, The Bank is playing a crucial role in promoting sustainable waste management practices and creating financial incentives that empower local communities and foster economic growth.
The initiative has had a profound impact on both social and economic fronts. By empowering women to produce marketable goods from waste materials such as ottoman seats, mirrors, and jewelry, it fosters economic independence and creativity. This empowerment extends beyond individual benefits, contributing to the broader economy by integrating circular economy practices into local businesses.
This project has the potential to create new jobs, providing stable employment opportunities and enhancing the livelihoods of those involved. The installation of a biogas digester, producing 100 kg of methane gas, offers a cost-effective and eco-friendly alternative to LPG. This sustainable solution exemplifies the commitment to reducing carbon emissions while showcasing the practical benefits of circular economy practices.
Furthermore, by supplying organic fertilizer to the facility’s farm, the initiative has improved produce quality, reduced market costs, and ensured better nutrition for residents. This supports local agriculture and highlights the economic advantages of sustainable practices.
The achievements of the “Leave No One Behind” initiative represent a significant step towards a circular economy model, emphasising resource efficiency, cost savings, and environmental stewardship. The infrastructure now supports 1,000 individuals, has created new jobs, and contributes to reduced carbon emissions and operational costs, illustrating the extensive socio-economic impact of these efforts.
WEMA Bank is committed to scaling this model across Lagos to further amplify its social and economic benefits, driving forward the agenda of Mr. Governor’s T.H.E.M.E.S Agenda. This partnership underscores WEMA Bank’s dedication to empowering lives through innovation and its long-term commitment to sustainable development and community empowerment.
