Investments in Circular Economy Have Potential to Increase FX Earnings: DG, NESREA
By Victor Siokwu - in Eco Economy
The Director General, National Environmental Standards and Regulations Enforcement Agency (NESREA) has emphasized economic importance of Circular economy
The Director General of National Environmental Standards and Regulations Enforcement Agency NESREA, Professor Innocent Barikor, has affirmed that investments in the circular economy value chain have the potential to increase Nigeria’s foreign exchange earnings.
Professor Barikor disclosed this at a meeting with the management of a plastic packaging recycling (rPET) company, Sonnex Packaging Nigeria in Lagos State.
In a statement by the Assistant Director of Press, NESREA, Nwamaka Ejiofor says the DG assured the team that Nigerian government will prioritizes circular economy, noting that the National Environmental (Plastic Waste Control) Regulations developed by NESREA is one of the efforts 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 said.
Also, the Managing Director, Sonnex Packaging Nigeria, Mr Anil Mohinani commended the NESREA boss on the process for the production of recycled PET bottles (rPET), while
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.
“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.
Source: NAN
