BOI shops for investors in waste recycling plants

Business News
  • Dangles N50m to N500m facility

By Franklin Ocheneyi

 

RECYCLING of industrial products such as cans, chemical, plastics helps to cut down pollution levels considerably, as these materials are re-used, instead of throwing them away irresponsibly.”

That is one of the benefits of waste recycling as highlighted by the Bank of Industry (BOI).

In the document seen by Nigeria Industrial Digest, the bank said that it is making loans of N50 million to N500 million available to Small and Medium Enterprises (SMEs) that are interested in establishing recycling plants. The interest rate is 9 percent.

“The fund is sourced from Central Bank of Nigeria (CBN)’s N220 billion Micro, Small and Medium Enterprise Development Fund (MSMEDF),” said BOI.

According to BOI, materials that can be recycled include glass, aluminium, polyethene (shopping bags, laundry bags, pure water sachets and yoghurt wrappers.

“Other recyclable items are soft poly bags, hospital drip bags, popcorn wrapper, bread wrapper, cellophane), plastic water bottles, metal scrap, different kinds of paper, electronics – computers, cellular phones, keyboards, batteries and other small electronic equipment, textile, wood, wire, cables, plastic product, rubber, etc. Apart from this industrial recycling, all the leaves, food leftovers, waste, twigs and other garden waste are decomposed by worms and converted into fertilizers,” said the bank.

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