NESREA: Investments in Circular Economy Have Potential to Increase FX Earnings

The Director General of the National Environmental Standards Regulations Enforcement Agency (NESREA), Innocent Barikor, emphasized the potential for investments in the circular economy to boost Nigeria's foreign exchange earnings. Barikor highlighted the government's commitment to prioritizing the circular economy, with the draft National Environmental Plastic Waste Control Regulations set to be gazetted soon.

This move aims to strengthen the legal framework for implementing circular economy practices in Nigeria. The circular economy is a presidential priority, with the Ministry of Environment actively supporting its success.

The Managing Director of Sonnex, Anil Mohinani, also noted the challenges faced by investors in the sector, such as the lack of legal instruments to compel manufacturers in the food and beverage industry to embrace recycled PET (rPET). Despite these obstacles, there is a strong commitment to ensuring the success of the circular economy in Nigeria.