A leading indigenous commodities export company, Neveah Limited, says its state-of-the-art aluminium and copper recycling plant in Ogun State is expected to boost non-oil exports by a whopping $100m annually.

In a press statement released on Monday evening, the company revealed that the multi-billion naira facilities, set for commissioning in the first quarter of 2025, will help to reinforce the company’s commitment to sustainability, economic growth, and global standards.

According to the statement, the cutting-edge facility is set to produce 36,000 metric tons of aluminium and 8,100 metric tons of copper annually. With a monthly production capacity of 3,000 metric tons for aluminium and 675 metric tons for copper, the plant will cater to both local and international markets, reducing Nigeria’s dependence on primary raw material imports while boosting foreign exchange (FX) earnings through exports to Europe, North America, Asia, and Africa.

Under the visionary leadership of Mr Ibidapo Lawal, this cutting-edge facility is set to produce 36,000 metric tons of aluminium and 8,100 metric tons of copper annually.

The Neveah Recycling Plant is not only a game-changer in Nigeria’s industrial sector but also a catalyst for economic growth. The facility is projected to generate over $100 million in annual revenue while significantly contributing to national tax revenues through corporate taxes, VAT, and PAYE contributions.

The plant will create more than 400 direct jobs and up to 6,000 indirect employment opportunities in logistics, raw material supply, and ancillary services. Neveah Limited prioritizes community employment and inclusivity, with a commitment to achieving a 40% female workforce representation.

Neveah Limited, under the watchful eyes of Mr Ibidapo Lawal, is set to reduce CO₂ emissions by an estimated 377,460 tons annually, equivalent to removing 82,000 cars from the road.

The statement revealed further that the facility 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 approximately 549,000 metric tons of raw materials, reducing environmental degradation from mining activities.

“The recycling plant will enhance industrial growth, foster local raw material processing, and align with Nigeria’s low-carbon economy goals and global Environmental, Social, and Governance (ESG) standards. Mr. Ibidapo Lawal, the driving force behind this initiative, emphasised the strategic importance of the plant.

“Our vision for the Neveah Recycling Plant extends beyond profitability; we are committed to sustainable industrialisation, economic empowerment, and global competitiveness. This facility represents a bold step towards an environmentally responsible future for Nigeria and Africa,” the statement read.

https://guardian.ng/about-guardian-news/neveah-recycling-plant-to-boost-non-oil-exports-by-100m-yearly/