Neveah Limited, an indigenous commodities export company, is set to commission a 44,000-metric-ton aluminum and copper recycling plant in Ogun State, marking a significant boost to Nigeria’s non-oil sector.
The multi-billion naira facility is expected to generate over $100 million in annual revenue, create more than 6,000 jobs, and strengthen Nigeria’s industrial and environmental landscape.
Under the leadership of Mr. Ibidapo Lawal, the facility is designed to produce 36,000 metric tons of aluminum and 8,100 metric tons of copper annually.
According to Lawal, with a monthly output of 3,000 metric tons of aluminum and 675 metric tons of copper, the plant will cater to both local and international markets, reducing Nigeria’s reliance on imported raw materials while boosting foreign exchange (FX) earnings through exports to Europe, North America, Asia, and Africa.
“Beyond its industrial impact, the Neveah Recycling Plant is set to transform the Nigerian economy. The facility will not only generate over $100 million annually but also contribute significantly to national tax revenues through corporate taxes, VAT, and PAYE.
“It is expected to create over 400 direct jobs and up to 6,000 indirect employment opportunities across logistics, raw material supply, and ancillary services.
“In line with its commitment to inclusivity, Neveah Limited has pledged 40% female workforce representation”, Lawal stated.
Read also: Neveah Limited redeems all series under its N20bn commercial paper programme
He also noted that the facility is projected to cut CO₂ emissions by 377,460 tons annually, equivalent to removing 82,000 cars from the road.
“It will conserve 616 million kWh of energy per year, enough to power 57,500 households, while diverting 55,400 metric tons of scrap from landfills and preserving 549,000 metric tons of raw materials, reducing environmental degradation from mining activities.
“Our vision for the Neveah Recycling Plant extends beyond profitability. We are committed to sustainable industrialization, economic empowerment, and global competitiveness”, Lawal added.
Set for commissioning in Q1 2025, Lawal mentioned that the recycling plant aligns with Nigeria’s economic diversification agenda, strengthening the country’s non-oil sector while promoting local raw material processing.
“It supports Nigeria’s transition to a low-carbon economy and aligns with global Environmental, Social, and Governance (ESG) standards”, he stated.
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