A stronger collaboration between government and the private sector to develop systems for tracking, validating, and unlocking value from sustainability data has emerged as a major takeaway from EcoNexus 3.0 held in Lagos.
The engagement, organised by the Lagos State Government through the Office of the Special Adviser on Climate Change and Circular Economy, convened policymakers, business executives, and sustainability experts to discuss how climate initiatives and circular economy practices can deliver real financial benefits.
Speaking at the forum, the Special Adviser to the Governor on Climate Change and Circular Economy, Titilayo Oshodi, said one of the biggest issues confronting industries is the disconnect between sustainability efforts and economic returns.
“Across sectors, organisations are already carrying out climate and circular initiatives suited to their operations. The challenge is how to properly track the impact, confirm it, and turn it into real economic gains,” she said.
Oshodi explained that many sustainability actions remain “untracked, unverified, and without financial value,” noting that the aim of EcoNexus 3.0 is to promote systems that make such data reliable, measurable, and globally relevant.
She added that proper validation requires aligning sustainability reporting with international standards 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 growing shift from mere regulatory compliance to value creation.
In his presentation, global development strategist and governance adviser, Oshunniyi Abiola, noted that environmental, social, and governance (ESG) value is driven by the alignment of data, decisions, and operational systems.
“ESG value is not just in documentation; it comes from aligning data, decisions, and systems across sectors,” he said, adding that while ESG is now a business necessity, monetising it offers a competitive edge.
Also speaking, the Chief Operating Officer of FBNQuest Merchant Bank, Funke Shobanjo, said sustainability has evolved into a strategic financial tool.
“It has moved beyond compliance to influencing investment decisions, revenue generation, and overall value creation,” she said.
However, she pointed out that many organisations are yet to take full advantage due to weak structures, inadequate measurement, and lack of clear monetisation strategies.
The Lagos State Commissioner for Economic Planning and Budget, Ope George, reaffirmed the government’s resolve to create a supportive environment for businesses to benefit from sustainability.
“Lagos is positioning industries to turn environmental efforts into financial opportunities. By monetising emission cuts, improving resource efficiency, and adopting circular systems, businesses can convert compliance into profit and strategic growth,” he said.
He added that the state is restructuring its planning and budgeting systems to ensure sustainability opportunities are transparent, accountable, and attractive to investors.
EcoNexus 3.0 drew participants from various sectors, including academia, finance, telecommunications, construction, FMCG, and sustainability professionals, alongside officials from multiple government agencies.
Observers said the diverse participation highlights a growing recognition that climate action is now central to economic development and business planning.
Stakeholders agreed that building credible systems for sustainability data collection and verification is key to attracting green finance and ESG investments. They also noted that regions capable of demonstrating measurable sustainability performance are more likely to gain investor confidence.
Oshodi stated that Lagos is positioning itself to benefit from this global shift by aligning local practices with international benchmarks.
“Our goal is to ensure Lagos is not only compliant but also competitive on the global stage in sustainability and circular economy innovation,” she said.
The growing emphasis on monetising climate action comes amid increasing global focus on climate finance and sustainable development. For Nigeria, the challenge remains balancing environmental priorities with economic growth.
Through EcoNexus 3.0, Lagos is advancing an approach that links sustainability with economic value—an initiative stakeholders say could reshape how climate action is viewed and implemented nationwide.