Neveah Limited plans to establish an aluminium and copper recycling plant in Mowe, Ogun State, creating 40,000 direct jobs and 6,000 indirect jobs. The facility is set to reduce carbon emissions by approximately 377,460 tonnes annually and generate over $100 million in revenue, supporting Nigeria’s industrial growth and sustainability efforts.
Neveah Limited, a commodities export company based in Nigeria, has unveiled plans for an aluminium and copper recycling plant in Mowe, Ogun State. This facility is projected to create approximately 40,000 direct jobs, alongside an additional 6,000 indirect job opportunities. Ibidapo Lawal, CEO of Neveah Limited, stated that this initiative will significantly contribute to employment in the region.
In terms of environmental sustainability, Lawal emphasized that the recycling plant will help reduce Nigeria’s carbon emissions by around 377,460 tonnes per year—equivalent to removing 82,000 vehicles from the roads. This development marks a significant advancement for Nigeria’s industrial and ecological framework, reflecting Neveah Limited’s commitment to promoting both economic growth and environmental responsibility.
The facility is expected to generate over $100 million in annual revenue while enhancing national tax revenues through corporate taxes and other contributions. Furthermore, it will produce an annual output of 36,000 metric tonnes of aluminium and 8,100 metric tonnes of copper. This production capacity underscores the plant’s potential to stimulate the local economy and employment.
Scheduled for launch in the first quarter of 2025, the plant aims to enhance Nigeria’s industrial capabilities and facilitate local raw material processing. It will support Nigeria’s shift towards a low-carbon economy by reducing dependency on primary raw material imports and driving foreign exchange earnings through exports to various global markets, including Europe and North America.
Lawal asserted, “The Neveah recycling plant is not only a game-changer in Nigeria’s industrial sector but also a catalyst for economic growth.” This development is anticipated to bolster the local economy while making a substantial impact on sustainability efforts within the country.
Neveah Limited’s new recycling plant in Mowe is poised to create substantial job opportunities while significantly reducing carbon emissions in Nigeria. The facility will drive both industrial growth and environmental sustainability, with projections of over $100 million in annual revenue. By supporting local economies and enhancing foreign exchange earnings, this initiative marks a pivotal moment for Nigeria’s economic landscape.
Original Source: www.alcircle.com
