Investment In Circular Economy Key To Increase Forex Earnings, Says NESREA DG

Investing in the circular economy is crucial for increasing Nigeria's foreign exchange earnings, according to Professor Innocent Barikor, the Director General of NESREA. He emphasized the potential of the circular economy value chain to boost the country's economy during a meeting with the management of a plastic packaging recycling company in Lagos.

Barikor highlighted the government's commitment to prioritizing the circular economy, with the development of the National Environmental Plastic Waste Control Regulations as a step towards strengthening the legal framework for its implementation. The regulations, once officially gazetted, will support the production and export of pellet flakes, generating foreign exchange.

However, challenges such as a lack of legal instruments to compel manufacturers in the food and beverage sector to embrace recycled PET bottle (rPET) and unfriendly policies for foreign companies need to be addressed to ensure the success of the circular economy in Nigeria.