Polysmart Launches $60M Recycling Plant in Nigeria

Polysmart Packaging Limited has officially opened a $60 million recycling facility designed to process up to 15 million plastic bottles daily. When fully operational, the facility will handle 100,000 tonnes of mixed plastics annually, recycling approximately 6.5 billion PET bottles each year into food-grade recycled polyethylene terephthalate (rPET) for new bottle manufacturing.

CEO Wasiu Balogun highlighted the company's growth from an initial capital of N2 million in 2013 to this significant investment, emphasizing its commitment to tackling Nigeria's plastic waste issue. The facility will sort, wash, and decontaminate plastics before transforming them into clean rPET.

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, urged for stronger environmental regulations and a coordinated national waste management approach. Niyi Yusuf, Chairman of the Board of Directors of Polysmart, described the investment as a testament to Nigeria's industrial potential and a step towards making the country a recycling hub for West Africa.