‘Nigeria can make N600bn yearly from vehicle recycling’

Stakeholders yesterday said Nigeria can make N600 billion annually from converting the old, damaged and unserviceable vehicles to raw materials and other forms of wealth. This is just as the Minister of State for Commerce and Industry, Senator John Enoh, launched the ‘End-Of-Life’ Vehicle Regulation in Lagos. The launch was done at the stakeholders’ engagement […]

Stakeholders yesterday said Nigeria can make N600 billion annually from converting the old, damaged and unserviceable vehicles to raw materials and other forms of wealth.

This is just as the Minister of State for Commerce and Industry, Senator John Enoh, launched the ‘End-Of-Life’ Vehicle Regulation in Lagos.

The launch was done at the stakeholders’ engagement and ministerial press conference on the approved ‘End-Of-Life Vehicle Regulation (ELV).

Enoh, who presented the Regulatory Information Handbook, declared that the potential in vehicle recycling is “huge and enormous.” He urged stakeholders to cue into the programme.

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The Director-General of the National Automotive Design and Development Council (NADDC), Joseph Oluwemimo Osanipin, noted that the melting industry is evolving, adding that it must adapt to technological development. 

He urged vehicle users to be conscious of the serviceable lifespans of vehicles even as he explained that batteries of electric vehicles equally have expiry dates.

The Minister of Environment, Balarabe Lawal, stated that improper disposal of overused vehicles as a result of wear and tear and damage poses severe health issues. 

The minister, who was represented by Benedict Nkechi said, “so many organ-destructive diseases are traced to the improper disposal of the end-of-life vehicles.”

He said the regulation became necessary in view of the fact that 500,000 of the 600,000 imported vehicles have limited lifespans because they are second-hand vehicles. 

Vice chairman of the House Committee on Environment, Hon. Terseer Ugbor described auto-recycling as a vibrant business, adding that it can generate N60 billion monthly. He assured that the National Assembly will not compromise environmental sustainability and climate.