Business

Norfund Commits 2 Million Euros To Boost Plastic Recycling In Nigeria.

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1 year ago

July 18, 2023

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By Olanrewaju Falayi

The Norwegian Development Finance Institution, Norfund, a recycling company based in Lagos has committed a total sum of 2 million euros to boost the Wecycling of plastics in Nigeria.

The investment aimed to establish a new PET bottle recycling plant in Ogun State, Nigeria, with a capacity of 12,000 tons per year. The plant will play a crucial role in combating plastic pollution by recycling PET bottles for re-use both locally and in Europe.

Plastic pollution has become a global crisis, with over 171 trillion pieces of plastic floating in the world’s oceans. “Tackling this challenge requires robust systems for plastic collection and recycling. Wecyclers have successfully established an innovative model that collects plastic directly from households, kiosks, and franchises, thereby setting an example for effective waste management in developing countries like Nigeria”.

Norfund’s commitment to Wecyclers is part of its focus on promoting a circular economy and green infrastructure investments in West Africa. “Carl Johan Wahlund, Senior Vice President for Green Infrastructure at Norfund, emphasizes the significance of showcasing a functioning model to enable the development of an industry that addresses plastic pollution and generates employment opportunities.

Wecyclers have gained support from various partners, including Serioplast, a prominent plastic packaging manufacturer based in Italy, and financing from Unilever Nigeria and Bridges Outcomes Partnership through an innovative “Development Impact Bond”. These strategic partnerships position wecyclers to contribute to a truly circular economy, empowering women and small businesses while building resilient, healthy, and sustainable communities in the cities it operates.

Olawale Adebiyi, CEO of Wecyclers, highlights the importance of promoting a waste management culture and gradually building a recycling industry with the support of Norfund and other investors. This investment aligns with Norfund’s portfolio in West Africa, which includes various impactful investments in sectors driving sustainable development across the region.

As Norfund and Wecyclers join forces to combat plastic pollution and foster a circular economy in Nigeria, the partnership sets the stage for further advancements in waste management and environmental preservation.

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