Business A.M
Nigeria loses N10 billion annually from unorganised and unregulated plastic recovery management systems in the country, as the most populous black nation fails to harness the economic potential in plastic waste recycling.
Ola Oresanya, former commissioner for environment, Ogun State, stated this at the just concluded fourth edition of Lagos Waste Forum, themed: ‘Investing in Plastics Recovery Towards a Circular Economy.’
According to environmental development expert, Nigeria generates 12 million tonnes of plastics every year and one tonne of plastics mobbed costs between N250 to N300,000 (US$0.32 to US$389.49) whereas, in the international market, it has been sold at N1.2 million to N1.5 million (US$1557.95 to US$1947.43).
Oresanya stressed there is so much money to be made and employment to be generated if Nigeria can explore a new economic model that will unlock its potential.
He noted that in Ogun State alone, there are a lot of companies which are into plastic recycling manned by Asians, while some Nigerians were merely waste collectors, adding that Nigerias had been traveling outside the country in search of greener pastures while abandoning huge opportunities in plastic recycling.
“In Ogun State alone, there are so many recycling plants which recycle at least 1000 times of wastes daily with huge amounts running into millions of naira accrued.
“These are done by Asians who have mastered the art over the years with competence.
“Some Nigerians are just comfortable with being collectors,” Oresanya said.
In another development, the Manufacturers of Nigeria (MAN) called for a circular economy as a solution for the challenges in the plastics and packaging industry which has a global market value estimated to be over $260 billion, according to Statista.
Speaking at the 10th Propak exhibition held recently in Lagos, Segun Ajayi-Kadir, the director-general, MAN, noted that though the sector has for years been a generator of huge revenue and employment, its challenges had remained unresolved, thereby hindering its growth.
The MAN DG,described the linear economy as ‘resource-depleting’, considering that most often, it focuses more on profitability at the detriment of product conservation.
On the other hand, he noted that the circular economy emphasises sustainability, resource efficiency, and environmental responsibility.
Highlighting the pressing need to curtail plastic waste and its environmental repercussions, Ajayi-Kadir said the transition from linear to circular economy represents an extraordinary opportunity for innovation and expansion within the plastic and packaging sector.
However, he noted that transition would come with challenges and risks as it involves rethinking traditional business models, redesigning products for longevity and recyclability, and overhauling supply chains. These changes, he admitted, can be costly and disruptive, especially in the short term.
He added that it requires visionary leadership and a commitment to long-term sustainability.
“Also, for the circular economy to survive, there would be a need for financial support for its framework that would enable the plastic and packaging industry to unlock its green economic growth,” he said.
Ajayi-Kadir suggested that Nigeria can explore green financing mechanisms such as green bonds and loans to provide the requisite capital for investments in recycling infrastructure, research and development, and eco-friendly technologies to boost investments in a circular economy.
The MAN DG called for fair trade agreements that prioritise environmental sustainability for the circular economy. He also urged stakeholders in the industry to explore opportunities for exporting recycled plastic materials that not only contribute to national development but also align with global efforts toward a more sustainable future for all.
Nigeria loses N10 billion annually from unorganised and unregulated plastic recovery management systems in the country, as the most populous black nation fails to harness the economic potential in plastic waste recycling.
Ola Oresanya, former commissioner for environment, Ogun State, stated this at the just concluded fourth edition of Lagos Waste Forum, themed: ‘Investing in Plastics Recovery Towards a Circular Economy.’
According to environmental development expert, Nigeria generates 12 million tonnes of plastics every year and one tonne of plastics mobbed costs between N250 to N300,000 (US$0.32 to US$389.49) whereas, in the international market, it has been sold at N1.2 million to N1.5 million (US$1557.95 to US$1947.43).
Oresanya stressed there is so much money to be made and employment to be generated if Nigeria can explore a new economic model that will unlock its potential.
He noted that in Ogun State alone, there are a lot of companies which are into plastic recycling manned by Asians, while some Nigerians were merely waste collectors, adding that Nigerias had been traveling outside the country in search of greener pastures while abandoning huge opportunities in plastic recycling.
“In Ogun State alone, there are so many recycling plants which recycle at least 1000 times of wastes daily with huge amounts running into millions of naira accrued.
“These are done by Asians who have mastered the art over the years with competence.
“Some Nigerians are just comfortable with being collectors,” Oresanya said.
In another development, the Manufacturers of Nigeria (MAN) called for a circular economy as a solution for the challenges in the plastics and packaging industry which has a global market value estimated to be over $260 billion, according to Statista.
Speaking at the 10th Propak exhibition held recently in Lagos, Segun Ajayi-Kadir, the director-general, MAN, noted that though the sector has for years been a generator of huge revenue and employment, its challenges had remained unresolved, thereby hindering its growth.
The MAN DG,described the linear economy as ‘resource-depleting’, considering that most often, it focuses more on profitability at the detriment of product conservation.
On the other hand, he noted that the circular economy emphasises sustainability, resource efficiency, and environmental responsibility.
Highlighting the pressing need to curtail plastic waste and its environmental repercussions, Ajayi-Kadir said the transition from linear to circular economy represents an extraordinary opportunity for innovation and expansion within the plastic and packaging sector.
However, he noted that transition would come with challenges and risks as it involves rethinking traditional business models, redesigning products for longevity and recyclability, and overhauling supply chains. These changes, he admitted, can be costly and disruptive, especially in the short term.
He added that it requires visionary leadership and a commitment to long-term sustainability.
“Also, for the circular economy to survive, there would be a need for financial support for its framework that would enable the plastic and packaging industry to unlock its green economic growth,” he said.
Ajayi-Kadir suggested that Nigeria can explore green financing mechanisms such as green bonds and loans to provide the requisite capital for investments in recycling infrastructure, research and development, and eco-friendly technologies to boost investments in a circular economy.
The MAN DG called for fair trade agreements that prioritise environmental sustainability for the circular economy. He also urged stakeholders in the industry to explore opportunities for exporting recycled plastic materials that not only contribute to national development but also align with global efforts toward a more sustainable future for all.
