Diversification: Experts Propose Recipe to Foster Circular Economy

Ayodeji Ake

Experts in climate change and sustainability have said research, data, development of government policies, and access to power would help establish a working circular economy as a means of diversification for Nigeria.

Speaking during a panel discussion at the Circular Economy Investments and Business in Nigeria Confab hosted by Bio and Circular Programme, Business Finland, recently in Lagos, the Executive Secretary, Financial Centre for Sustainability, Nigeria, Mr. Emmanuel Etaderhi, noted Nigeria needed to adopt the principles of circularity.

Etaderhi revealed the circular business in Nigeria was worth millions of dollars and should be maximised swiftly.

“Nigerians are very smart. They have started producing things on their own on the basis of circularity. If you attend the programmes of water, sanitation and hygiene, you will see products made by Nigerians and there is nothing like government policies added to the products. Policy development is always a handshake between the government and the private sector. The reason why there is no implementation is simply because most individuals are always waiting on the government for implementation. Whereas, the role of the government is to provide an enabling environment and now left for the market actors to take advantage.

“The Lagos plastic recycling market estimated site is about $500million annually. And as we speak only three per cent of plastic in Lagos is being recycled. Nigeria has over 200 million population and 10 per cent lives in Lagos and every day, we all use plastics. Imagine if we start recycling fully: the value that will be created in Lagos,” he said.

Also speaking at the event, the Chief Executive Officer, Nigerian Climate Innovation Centre (NCIC), Mr. Bankole Oloruntoba, while applauding the Nigerian government for acting fast on climate change by establishing the Climate Change Council, also noted the event was designed to bring together key players to discuss: challenges, gaps and opportunity of circular economy.

“This programme is being run by Business Finland. The whole point was to bring players together to understand the economics behind circular economy. The challenges, gaps and opportunities. This would be part of the Business Finland series that we are working on towards the circular economy forum that will be held in Kigali. Another will come up in Ghana and other countries where Finland is present,” he said.