Wednesday, April 24Inside Business Africa

Stakeholders advocate circular economy model for sustained growth

Stakeholders at an economic summit recently proffered solutions that would rebuild Nigeria back to economic sustainability and resilience through the circular economy.

The stakeholders drawn from the Nigerian Economic Summit Group (NESG), the Federal Ministry of Finance, Budget and National Planning in conjunction with the Federal Ministry of Environment spoke on “Increasing Opportunities and Sustaining Resilience through Circular Economy in Nigeria”.

Vice-Chairman of the NESG, Niyi Yusuf said the adoption of the circular economy model would lead to higher resource efficiency and waste reduction.

He said there was the need for Nigeria to seize the opportunity presented by the COVID-19 pandemic to foster economic development.

While delivering the keynote address on “Delivering better outcomes in a post-COVID-19 pandemic through the circular economy”, the Minister for Environment, Dr. Mohammed  Abubakar, who was represented by the Deputy Director, Department of Climate change, Mrs. Halima Bawa-Bwari said COVID-19 pandemic resulted in the restriction of transportation, which increased wastes and labour shortages with adverse effect on the environment and the economy.

She ministry developed a post-COVID-19 medium-term strategic recovery plan to help ameliorate problems arising from the pandemic, adding that the plans include ensuring compliance with relevant legal and statutory requirements, promoting sustainable development, managing the ecosystem, and sustaining strong institutions among others.

The Director-General of National Environmental Standards and Regulations Enforcement Agency (NESREA), Prof. Aliyu Jauro during a presentation on “Moving towards a Circular Economy model in Nigeria – Current Practices”, said that the Extended Producer Responsibility (EPR) would help resolve the country’s perennial waste management problems by decreasing the environmental impact of products through the use of life cycle management.He maintained that the waste management EPR value chain presented large investment opportunities for an effective waste management system.

The Director, Climate Change and Green Growth, African Development Bank (AfDB), Prof. Anthony Nyong, said circular economy took note of local realities which sets it apart from other economic models.

He mentioned key drivers of the circular economy to be on socio-economic and emerging trends, policies, and a shift to resilient and low carbon development pathways.

The Guardian gathered that the event, which was among a series of pre- 26th Nigerian Economic Summit events would help to shape strategic partnerships to chart a path to recovery, build resilience for the country’s economy, businesses and households by delivering conversations that would put Nigeria in a strong position within the changing world order.

Source: Guardian

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