The investment deal, which was signed on Monday in Lagos at the 11th German-Nigerian Business Forum, themed: ‘Building effective partnership for successful business development’, was facilitated by the German Government through its export credit insurance company with the support and approval of the Lagos State Government.
The deal was signed between Zoomilion Nigeria Limited, FIMA Industries Germany, FAUN Kirchhoff Gruppe, and Jospong Group of Companies for the export supply of three waste treatment plants and waste collecting trucks from Germany.
The Executive Director of Jospong Group of Companies, Haidar Said, explained that the project, which included the procurement of three solid waste recycling plants and a fleet of waste collection trucks from Germany, marked a significant step in the state’s waste management strategy.
According to Said, the investment would address Lagos’ growing waste management challenges by improving the state’s recycling capabilities and is expected to prevent over 1.5 million tonnes of CO2 emissions a year.
“Over the next 12 to 24 months, the Jospong Group plans to invest over $200m in Lagos State’s waste management sector,” he stated.
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