A strengthened alignment between government and industry on the need to build systems that enable organisations to capture, verify, and monetise sustainability data, while positioning Lagos as a hub for green finance, ESG investment, and circular economy innovation, has emerged as a key outcome of EcoNexus 3.0 held in Lagos.
The high-level engagement, convened recently by the Lagos State Government through the Office of the Special Adviser on Climate Change and Circular Economy, brought together policymakers, industry leaders, and sustainability professionals to explore how climate and circular economy actions can translate into measurable financial value.
Speaking at the event, the Special Adviser to the Governor on Climate Change and Circular Economy, Titilayo Oshodi, said a major challenge facing industries is the gap between sustainability actions and value realisation.
“Across sectors, organisations are already implementing climate and circularity initiatives unique to their operations.
The real question is how to measure that impact accurately, verify it credibly, and convert it into real economic value,” she said.
Oshodi noted that many sustainability efforts remain “invisible, unverified and unmonetised,” stressing that EcoNexus 3.0 was designed to address this gap by promoting systems that make sustainability data auditable and globally competitive.
According to her, credible verification requires structuring sustainability data in line with global frameworks such as the Greenhouse Gas Protocol, IFRS S2, and the Task Force on Climate-related Financial Disclosures.
The event, themed “Beyond Compliance: Monetising Climate and Circular Actions for Industries,” reflects a shift in focus from regulatory adherence to economic opportunity.
In his presentation, Oshunniyi Abiola, a global development strategist and governance adviser, emphasised that environmental, social, and governance value is created through the alignment of data, decisions, and systems.
“ESG value is not created in reports. It is created when data, decisions, and systems align across sectors,” he said, adding that while ESG is now the cost of staying in business, monetising it provides a competitive advantage.
Also speaking, Funke Shobanjo, Chief Operating Officer of FBNQuest Merchant Bank, said sustainability has evolved significantly in recent years. “It has moved from compliance to capital allocation, from reporting to revenue potential, and from participation to value capture,” she said.
Shobanjo, however, noted that many organisations are yet to fully harness these opportunities because sustainability initiatives are often not properly structured, measured, or monetised.
The Lagos State Commissioner for Economic Planning and Budget, Ope George, reiterated the government’s commitment to creating an enabling environment for businesses to unlock value from sustainability.
“Lagos State is setting the stage for industries to unlock financial value while contributing to environmental sustainability. By monetising reductions in emissions, optimising resource use and integrating circular practices into operations, businesses can transform what was previously seen as compliance into revenue and strategic advantage,” he said.
He added that the state’s planning and budgeting frameworks are being structured to make sustainability opportunities transparent, accountable, and investable.
EcoNexus 3.0 attracted a wide range of participants, including representatives from academia, financial institutions, telecommunications firms, construction companies, FMCG operators, and sustainability professionals.
Officials from various Ministries, Departments, and Agencies of the Lagos State Government were also in attendance, reflecting the cross-sector nature of the initiative.
Observers said the diversity of participants underscored the growing recognition that climate action is no longer a niche concern but a central component of economic planning and business strategy.
Stakeholders at the event agreed that building robust systems for sustainability data capture and verification is critical to attracting green finance and ESG investments.
They noted that as global investors increasingly prioritise environmental and social impact, cities and regions that can demonstrate credible sustainability performance will have a competitive edge.
Oshodi said Lagos is positioning itself to take advantage of this shift by aligning local practices with international standards. “Our goal is to make Lagos not just compliant, but competitive globally in sustainability and circular economy innovation,” she said.
The renewed push to monetise climate action comes amid increasing global attention on climate finance and sustainable development. Nigeria, like many developing economies, faces the dual challenge of addressing environmental risks while sustaining economic growth.
With EcoNexus 3.0, Lagos State appears to be advancing a model that integrates environmental responsibility with economic opportunity, an approach stakeholders say could redefine how climate action is perceived and implemented in Nigeria.
