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”.
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, 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.