Nigeria’s circular economy valued at $10bn
The plastic waste recycling market in Nigeria has been valued between $5 and $10 billion, with the capacity to generate over a million jobs. Recall that the federal government had announced the ban on the use of plastic materials with effect from next year. But in a new report titled, “Positioning Plastic Waste Recycling as […]
plastic waste
The plastic waste recycling market in Nigeria has been valued between $5 and $10 billion, with the capacity to generate over a million jobs.
Recall that the federal government had announced the ban on the use of plastic materials with effect from next year.
But in a new report titled, “Positioning Plastic Waste Recycling as an Inclusive Catalyst for Unlocking a Sustainable Circular Economy in Nigeria,” the Nigeria Climate Innovation Centre (NCIC) emphasised the potential of a circular economy for plastic waste management in Nigeria.
During a press conference in Lagos, the chief operating officer of the centre, Mr Adamu Garba, quoted the report as stating that the economic value of the country’s waste recycle market is under-tapped.
“We have about 25 million tonnes of plastic waste generated; and we ranked 9th in the world in terms of plastic waste generation; and just about 15 per cent of waste are recycled in Nigeria,” he said.
He stressed that adopting a circular economy in regard to recycling plastic waste is a better way to improve the country’s economy.
“The circular economy offers a more sustainable solution, compared to a green tax on plastic use. Green taxes, while potentially incentivising reduced consumption, lack a long-term vision and could disproportionately impact vulnerable communities. In contrast, a circular economy fosters job creation, economic diversification and environmental benefits.
“Circular economy can address environmental concerns by reducing plastic pollution and conserving resources. More importantly, it can stimulate economic growth by creating jobs in the waste management sector and attract investment in recycling infrastructure,” he said.
He urged the federal government to adopt the circular economy model that prioritizes resource efficiency, reuse and recycling.