#NES26 Pre-Summit Event: Increasing opportunities and sustaining resilience through Circular Economy in Nigeria Series II, The Nigerian Economic Summit Group
Sep 2020

#NES26 Pre-Summit Event: Increasing opportunities and sustaining resilience through Circular Economy in Nigeria Series II

The 26th Nigerian Economic Summit pre-summit events will help to shape strategic partnerships to chart a path to recovery and build resilience for the country’s economy, businesses and households by delivering conversations that will put Nigeria in a strong position within the changing world order. It is on this premise that the #NES26 pre-summit event with the theme “Increasing opportunities and sustaining resilience through Circular Economy in Nigeria Series II” took place on the 14th of September 2020.
 

While delivering the opening remarks, the CEO of the NESG, Mr. Laoye Jaiyeola who was represented by the Head of Corporate Services at the NESG Mrs. Ogechi Obiorah, said that the Circular economy principles play an important role in promoting a healthy environment and that the day’s public-private dialogue session will help to provide short to medium term ideas to address circular and sustainability issues in Nigeria.

 

Dr. Eugene Itua, Head of Circular Economy thematic group of the Sustainability policy commission mentioned that people are finding innovative and creative ways of sustaining their economy as a result of the disruption to the global supply chain which was brought about by the imposition of travel bans and lockdown measures put in place by governments to tame the COVID19 Pandemic. Furthermore, he mentioned that the pandemic presents a clear opportunity to build resilience into our economy and reconcile economic growth with nature.

The Honourable Minister of State for Environment, Mrs. Sharon Ikeazor who was represented by the director of pollution control and environmental health, Federal Ministry of Environment Mr. Charles Ikeah, while delivering the keynote address said that ensuring resilience and decarbonization through the circular economy trajectory in post-COVID19 Nigeria was important, especially since the global community is faced with many uncertainties about the pandemic induced shifts and developing countries continue to contend with the issues of growing wastes. Furthermore, she revealed that climate change and resource scarcity pose a threat to sustainable development and that it is imperative to shift from the current linear economy model to a new economic model that is resilient and guarantees a reduction in carbon dioxide emission. “Government has put in place a stimulus package to stimulate the economy, prevent business collapse, retain and create jobs, promote manufacturing, remove oil subsidy to allow full deregulation and ensure the sustainability of Nigeria’s Economy.” She said.

Ms. Kristin Hughes, Director, Global Plastic Action Partnership & Executive Committee Member, World Economic Forum revealed that out of 5.8 billion tonnes of plastics that are no longer in use, only about 9 percent were recycled. She said Nigeria recognizes the importance of the issues around circular economy and that the problems of Plastic wastes presents industry action opportunities for economic development. More so, Head, Geocycle representing the MD/CEO Lafarge Africa Mr. Dayo Adedokun mentioned that his company makes use of co-processing which promotes circular economy and mitigates against climate change impact, conserves energy and materials and helps to recover energy.

During the question and answer session, Mr. Ola Oresanya, Former MD, Lagos State Waste Management Authority/Managing Director and Co-founder of Globetech Remedial Limited mentioned that there is a link between the linear and circular economy models and that the latter is cost-focused and can help to save businesses. He said there is a need for Nigeria to redesign its business models and shift focus to biomedical products and medical products as an integral component of the ecosystem.

The Director, Inspection and Enforcement, National Environment Standards and Regulations Enforcement Agency (NESREA) Mrs. Miranda Amachree also revealed that the implementation of the Extended Producer Responsibility (EPR) model which is hinged on public-private partnership will help provide jobs for the unemployed Nigerians and also help the free flow of products across borders in the event of another pandemic.

The 26th Nigerian Economic Summit will be the highpoint of a ‘Big Conversation for Action’ driven by pre-Summit events. These virtual events will kickstart discussions on this year’s Summit Theme and will enable us to convene a wider range of stakeholders to deliberate on a broad set of thematic and sectoral issues with key outcomes.

The theme of this year’s Summit is “Building Partnerships for Resilience” and it is scheduled to hold from October 26 – 27, 2020.  Discussions at NES #26 will be anchored on three pillars – Collaboration, Execution, and Impact – and dimensioned across five sub-themes: Mapping the Future; New Trends, New Opportunities, New Horizons; Embracing Technology and Innovation; Building Resilience and Charting the Path to Recovery.