Stanbic IBTC Partners Lagos State On Water, Sanitation Infrastructure Funding Summit

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions, partnered with the Lagos State Water Regulatory Commission to host its fifth edition of the Lagos International Water and Sanitation Conference (LIWAC) 2024, which was held on Tuesday, 25 and Wednesday 26 June 2024 at Eko Hotel & Suites in Lagos. The summit focused on innovative funding solutions for water and sanitation infrastructure in Africa’s largest metropolis.

This strategic collaboration brought together financial experts, policymakers, and industry stakeholders under the theme ‘Financing Water and Sanitation for a Greater Lagos.’ The conference aimed to address the $4.3 billion investment gap identified by the African Development Bank for water and sanitation-related infrastructure in Lagos.

Lagos State Governor, Babajide Sanwo-Olu emphasized the importance of forming strategic international alliances. He explained how collaborations are instrumental in pooling resources, tapping into specialized expertise, and ensuring active community involvement. He added that these efforts are critical in driving significant improvements in the water and sanitation sector.

Governor Sanwo-Olu noted that partnerships facilitate the sharing of knowledge and promote best practices. They also foster global cooperation to address water and sanitation challenges more effectively. He elaborated that this comprehensive approach aims to achieve substantial and sustainable advancements in water quality and accessibility, ensuring healthier communities and a more environmentally secure future for Lagos State.

Babatunde Akindele, Head of Commercial Banking, at Stanbic IBTC Bank, highlighted the significance of this partnership. He said “By collaborating with the Lagos State Water Regulatory Commission for LIWAC 2024, we are leveraging our financial expertise to help tackle critical infrastructure challenges. This summit represents a crucial step towards developing sustainable funding models to transform Lagos’ water and sanitation landscape; boosting the state’s quality of life and economic activities.”

The two-day event featured keynote addresses, panel discussions, and workshops focused on innovative financing mechanisms, public-private partnerships, and investment opportunities in the water sector. Participants explored various funding strategies tailored to the unique challenges of water and sanitation projects.

In a panel discussion titled ‘Innovation Financing: Bridging the sector financing gap,’ Patrick Eneh, Head of Acquisition and Specialised Sectors at Stanbic IBTC Bank, shared insights on the Bank’s relationship with Lagos State. He underscored the Bank’s role as a long-term partner in various development projects, highlighting positive experiences from past collaborations and the Bank’s readiness to further invest in the state’s infrastructure and development projects.

Patrick explained that the Bank’s strategic approach to selecting and financing projects in Lagos State encapsulates the importance of a robust enabling environment, effective regulatory frameworks, and solid financial planning as pivotal elements in fostering successful public-private partnerships.

Rotimi Teteye, Senior Vice President of Stanbic IBTC Infrastructure Fund, highlighted the impact of a supportive regulatory environment on industry development and expansion. “When a government establishes a favourable regulatory framework, it lays a foundation that encourages and drives investments particularly crucial in high-stakes sectors, requiring significant investment inflows for growth and innovation,” he said.

The summit brought together diverse participants, including government officials, financial institutions, private investors, and water industry experts. It served as a platform for developing actionable funding strategies to address the complex economic challenges facing Lagos’ water and sanitation sector, in line with national and global development goals.

The success of LIWAC 2024 underscores the potential of public-private partnerships in driving infrastructure development. It also sets the tone for innovative funding solutions that promise to improve water access and sanitation for millions of Lagos residents.