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Nigeria To Tap Opportunities In $5.4tn Circular Economy

Nigeria To Tap Opportunities In $5.4tn Circular Economy

Ife Ogunfuwa
Nigerian government and stakeholders in the sustainable development industry are seeking to tap the opportunities in the circular economy estimated by the World Economic Forum to be worth $5.4tn.
In collaboration with the Embassy of Finland in Nigeria and Finnish organisations, Nigerian businesses are considering the viability of circular economy in Nigeria.
Speaking at the first Finland-Nigeria Business Lunch on Circular Economy in Lagos, the Senior Lead, Business Development, Sitra (Finnish Innovation Fund), Jyri Arponen, stated that the circular economy was an economic model of the future in which natural resources were used within the earth’s carrying capacity.
He explained that Sitra and Nordic innovation had initiated a programme of circular business models in the Nordic manufacturing industry aimed at developing collaborative pilots across industry ecosystems to encourage a successful transition to a circular economy, critical for innovation and continued economic growth.
The shift to a circular economy requires strategic goals spanning the whole of society, as presented in the road map. Road map lists those measures that need to be taken to implement the change in the national economy to which stakeholders have already committed themselves,” he said.
 The Chief Executive Officer, Nigeria Climate Innovation Centre, Bankole Oloruntoba, described the NCIC as a special purpose centre designed by the World Bank with the support of the Nigerian government to lead the growth of a viable green economy in Nigeria.
He noted that many developed countries like Finland had built tremendous capacity and business experience in managing high-yield circular economy.
Oloruntoba stated that data development, which formed the critical resource for making sustainable decisions for all stakeholders in the circular economy, would be required by the government, academia, innovators and enterprises.
He encouraged investors to take up the opportunity presented by the emerging Nigeria Green Economy.
“We are still building the framework of this alternative economy so the opportunities abound from learning from experienced economies to providing soft-landing services for circular businesses from Finland. The immense circular business opportunities cannot be adequately estimated as data is still yet to be developed,” he added.
Panelists at the event attended by the Ambassador of Finland to Nigeria, Ambassador Jyrki Pulkkinen, agreed that extensive awareness of the economic opportunities in waste to wealth was urgently needed.
According to the CEO, Natural Eco Capital Limited, Dr Eugene Itua, people need to know that there is money to be made in circular economy while keeping the environment safe.
The Group Chief Sustainability Officer, Dangote Industries Limited, Dr Ndidi Nnoli, shared the sustainability journey of Dangote in Africa with participants, saying most of the waste generated by the company were being used in agro-sacks production.
She stated that the circular economy was a critical part of sustainability, stressing that more awareness was required on the impact and business opportunities in sustainable development.
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