Stanbic IBTC Bank, one of Nigeria’s leading financial institutions, partnered with the Lagos State Water
Regulatory Commission to host its fifth edition of 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 emphasised the importance of forming strategic
international alliances. He explained how collaborations are instrumental in pooling resources, tapping
into specialised 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 Commercial Banking, 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.
LIWAC 5
L-R: Engr. Mahamud Olakunle Adegbite, Permanent Secretary, Office of Drainage and Water Resources, Ministry of the Environment & Water Resource; Omobolaji Gaji, Permanent Secretary, Office of Environmental Services, Ministry of the Environment & Water Resource; Bode Agoro, Head of Service, Lagos State Public Service; Adegboyega Ademiluyi, Coverage Head, Public Sector – Lagos and Ogun State, Stanbic IBTC Bank; and Sunkanmi Oyegbola, Permanent Secretary, Office of the Head of Service, Lagos State, during the Lagos International Water Conference (LIWAC 5.0), held recently in Lagos.
In a panel discussion titled ‘Innovation Financing: Bridging the sector financing gap,’ Patrick Eneh, Head
of Acquisition and Specialized 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.
