Waste-to-wealth: Rivers signs $300m deal with foreign investors

…Waste to generate 200mw electricity, 20 tons carbon credit to the state

Barely five months after the historic investment and economic summit, a waste-to-wealth project worth $300m has been unveiled in Rivers State. The unveiling followed the signing of a deal between the state government and foreign investors.

The major excitement is over the prospect of 200mw power supply from the waste and 20 tons of carbon credit to the state.

The state government led by Gov Sim Fubara thus said it will promote, strengthen, and implement the use of Artificial Intelligence (AI) in waste management to maximise its economic potentials for the benefit of the people of the state.

Gov Fubara said shortly after the official signing ceremony of two Memoranda of Understanding (MoUs) for the development of a $300 million Waste-to-Wealth project, 200mw power plant, smart e-mobility, 20 tons of carbon capture and storage, and other innovations.

The MoUs with Intec and Omene Group of Companies, among other things, are designed to convert waste to wealth, generate electricity, boost employment opportunities as well as increase the State’s revenue base.

The signing ceremony was held at the Ministry of Justice in Port Harcourt on Thursday night. Represented by the Rivers State Attorney General and Commissioner for Justice, Dagogo Israel Iboroma (SAN), the Governor noted with delight that Rivers State Government in May, 2024, held the Investment and Economic Summit, the first of its kind in Nigeria.

He added that thereafter, an Executive Order heralding the birth of the Rivers State Investment Promotion Agency was signed to drive investments in the State. He explained, “Today, we have signed two memoranda of understanding between the Rivers State Government and Omene Nigeria Limited, essentially to manage waste, convert waste to wealth and create massive employment for Rivers’ people.”

He further stated that waste management has been a sour point on the people and the environment worldwide: “The Rivers State Government spends millions of Naira for waste collation and disposal, with no significant result but by these MoUs, there is a leap forward.”

Fubara expressed joy at the collaboration, saying that the benefit of the waste-to-wealth project would grow the state’s economy, create jobs for the teeming youths, keep the state clean and peaceful, and generate 200 megawatts electricity daily in addition to 20 tons of carbon capture, which will be traded as Carbon Credit.

Read also: Abia in talks with partners to drive waste-to-wealth initiative

He expressed the optimism that there would be no hitches in the collaboration and execution of the project, adding that the State would be the first in Nigeria to successfully achieve a waste-to-wealth project with modern technology.

The CEO of Omene Group, Franklin Omene, said that the company will be working with other foreign investors to convert waste to wealth. While appreciating the governor of Rivers State for making the investment possible in his administration, Omene said their effort is to complement what the Rivers State Waste Management Authority is doing. He explained that the Rivers State Economic and Investment Summit gave birth to the collaboration.

He said converting waste to wealth is what his company is known for all over the world, stressing that Intec Group, as a reliable group of companies, will help realize the project for State and its environs.

Also speaking, representative of the partners, German-based Intec Group, Srinibach Dora Tepal, thanked the Rivers State Government for creating an enabling environment for investors to invest in, noting that although the project is at no cost to the Government of Rivers State, they have built a smart business model to ensure productive and speedy transformation of the State.

The MoU signing ceremony was witnessed by the Acting Sole Administrator of RIWAMA, Prince Obi Ohia, and Franklin Bottino of Intec Group, among others.

Facilitators have worked round the clock behind the scene for over one year despite the political crisis rocking the state. Observers thus believe that for the state to attract such whopping sum of investment could be testament of the strength of the second largest economy in Nigeria after Lagos.