Investments in circular economy have the potential to increase forex earnings- NESREA DG

Investments in circular economy have the potential to increase forex earnings- NESREA DG

By: Michael Mike

The Director General of National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Innocent Barikor has affirmed that investments in the circular economy value chain have the potential to increase the country’s foreign exchange earnings.

Barikor made this statement recently during a meeting with the management of a plastic packaging recycling (rPET) company, Sonnex in Lagos.

He assured the team that the Nigerian government prioritizes circular economy, noting that the draft National Environmental (Plastic Waste Control) Regulations soon to be gazetted is one of the efforts to strengthen the legal framework for circular economy implementation in Nigeria.

He said: “Circular Economy falls under the Presidential priorities for the Federal Ministry of Environment, and the Minister is very keen on the success. Apart from tackling the problem of waste, green jobs have been created .

“The pellets and flakes you produce and export also generate foreign exchange. The Plastic Waste Control Regulations are awaiting official gazette and once gazetted, we would have connected the dots of the framework to implement circular economy in the plastic sector. We are deeply committed to ensuring the success of Circular Economy.”

Earlier, the Managing Director, Anil Mohinani intimated the NESREA boss on the process for the production of recycled PET bottles (rPET), whilst also highlighting the challenges faced by investors in the sector .

He listed some of the setbacks to include lack of a legal instrument to compel manufacturers in the food and beverage sector to embrace food-grade rPET, unfriendly policies by some foreign companies, and insufficient awareness .

“Europe and America create barriers to protect their international recycling business. There is unfair competition. In some countries such as Kenya, there is encouragement to invest in rPET recycling because there is a regulation in place,” he added.

Investments in circular economy have the potential to increase forex earnings- NESREA DG