Lagos, Nigeria — The Director-General of the National Environmental Standards and Regulations Enforcement Agency (NESREA), Innocent Barikor, says increased investment in Nigeria’s circular economy value chain could significantly enhance the country’s foreign exchange earnings.

Barikor made the remarks during a meeting in Lagos with the management of Sonnex, a plastic packaging recycling company, according to a statement by NESREA’s Assistant Director of Press, Nwamaka Ejiofor, on Wednesday.

He noted that the Federal Government places high priority on circular economy initiatives, stressing that the National Environmental (Plastic Waste Control) Regulations, developed by NESREA, form part of efforts to strengthen the legal framework for its implementation in the country.

“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,” Barikor said.

The NESREA boss disclosed that the Plastic Waste Control Regulations are awaiting official gazette, which he said would connect the framework needed to fully implement circular economy measures in the plastics sector.

Earlier, Sonnex Managing Director, Anil Mohinani, explained the company’s process for producing recycled PET bottles and outlined challenges facing investors in the industry. These include the absence of a legal instrument to mandate the use of food-grade rPET in the food and beverage sector, restrictive foreign policies, and limited public awareness.

Mohinani added that some foreign markets create barriers to protect their own recycling industries, contrasting this with countries like Kenya where regulations actively encourage investment in rPET recycling.