A stronger alignment between government and industry on monetising sustainability initiatives emerged as a key outcome of the EcoNexus 3.0 held in Lagos.
The high-level engagement was convened by the Lagos State Government through the Office of the Special Adviser on Climate Change and Circular Economy. It brought together policymakers, industry leaders, and sustainability professionals to discuss how climate and circular economy actions can generate measurable financial value.
Speaking at the event, the Special Adviser to the Governor on Climate Change and Circular Economy, Titilayo Oshodi, said many industries struggle to convert sustainability actions into tangible economic returns.
“Across sectors, organisations are already implementing climate and circularity initiatives unique to their operations,” she said.
“The real question is how to measure that impact accurately, verify it credibly, and convert it into real economic value.”
Oshodi noted that many sustainability efforts remain invisible, unverified, and unmonetised. She explained that EcoNexus 3.0 was designed to close this gap by promoting systems that make sustainability data auditable and globally competitive.
According to her, credible verification requires aligning sustainability data 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 compliance to economic opportunity.
In his presentation, global development strategist and governance adviser Oshunniyi Abiola said environmental, social, and governance value is created when systems and decision-making processes align.
“ESG value is not created in reports. It is created when data, decisions, and systems align across sectors,” he said.
Abiola added that while ESG compliance is increasingly necessary for businesses to remain competitive, monetising sustainability initiatives offers organisations a strategic advantage.
Also speaking, Chief Operating Officer of FBNQuest Merchant Bank, Funke Shobanjo, 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.
However, Shobanjo noted that many organisations are yet to take full advantage of these opportunities because their sustainability initiatives are not properly structured or measured.
The Lagos State Commissioner for Economic Planning and Budget, Ope George, reiterated the government’s commitment to enabling businesses to unlock value from sustainability initiatives.
“Lagos State is setting the stage for industries to unlock financial value while contributing to environmental sustainability,” he said.
“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.”
George added that the state’s planning and budgeting frameworks are being structured to ensure sustainability opportunities are transparent, accountable, and investable.
EcoNexus 3.0 attracted participants from academia, financial institutions, telecommunications firms, construction companies, FMCG operators, and sustainability professionals.
Officials from several Ministries, Departments, and Agencies of the Lagos State Government also attended, highlighting the cross-sector approach to climate and circular economy initiatives.
Observers at the event said the wide range of participants reflects growing recognition that climate action is no longer a niche concern but a core component of economic planning and business strategy.
Stakeholders agreed that building reliable systems for sustainability data capture and verification will be critical for attracting green finance and ESG investments.
They noted that as global investors increasingly prioritise environmental and social impact, cities that can demonstrate credible sustainability performance will gain a competitive edge.
Oshodi said Lagos is positioning itself to benefit from this global shift.
“Our goal is to make Lagos not just compliant, but globally competitive in sustainability and circular economy innovation,” she said.
The push to monetise climate action comes amid rising global attention to climate finance and sustainable development.
With EcoNexus 3.0, Lagos State appears to be advancing a model that combines environmental responsibility with economic opportunity, an approach stakeholders say could reshape how climate action is implemented in Nigeria.
