Investments In Circular Economy Will Increase Forex Earnings- NESREA DG

BY CHIKA OKEKE, Abuja

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

He disclosed this during a parley with the management of recycled Polyethylene Terephthalate (rPET), a plastic packaging company, Sonnex in Lagos.

He assured the team that the Federal Government prioritises circular economy, noting that the National Environmental (Plastic Waste Control) Regulations developed by NESREA is one of the efforts meant to strengthen the legal framework for circular economy implementation in Nigeria.

"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," he added.

The Managing Director of Sonnex, Anil Mohinani enlightened NESREA boss on the processes involved in the production of recycled PET bottles, just as he also highlighted the challenges faced by investors in the sector.

He listed some of the setbacks as lack of a legal instrument to compel manufacturers in the food and beverage sector to embrace food-grade rPET and 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 said.

This was contained in a statement by the Assistant Director of Press, NESREA, Nwamaka Ejiofor on Wednesday in Abuja.

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