Norfund, a Norwegian investment fund, is making its first direct investments in plastic recycling in Africa by providing financial support to companies in Nigeria and Ghana. The investments aim to showcase functioning recycling models and promote the development of an industry that can address plastic pollution while generating employment opportunities.
Norfund has committed EUR 2 million as a convertible loan to Wecyclers Nigeria Limited, a recycling company based in Lagos, to establish a new PET-bottle recycling plant in Ogun state with a capacity of 12,000 tons per year. Additionally, Norfund is investing USD 10.5 million in Miniplast Ghana Ltd, a prominent plastics manufacturer in Accra, to enhance its recycling capacity to 1,700 tonnes per month, thus reducing the reliance on imported plastic resins and lowering production costs.
Opinion: Norfund’s strategic investments in plastic recycling initiatives in Nigeria and Ghana demonstrate the importance of developing sustainable waste management practices in combating plastic pollution. These projects have the potential to serve as role models for the African continent and contribute to a cleaner environment, while also fostering economic growth and job creation in the recycling sector.
