A survey by the National Bureau of Statistics shows that the industry has experienced significant growth over the past decade with an annual growth rate of 13.9%, from 120kt in 2007 to 442kt in 2017 and an estimated 513kt in 2020.
There are now over 3,000 plastics companies in the country, up from 50 that debuted in the industry in the 1960s. Much of this growth is attributable to technological disruptions in the industry due to increased consumption of plastics.
As Nigeria is a major importer of plastic, over 70% of which is imported and 30% is locally sourced, it is imperative that companies use sophisticated technologies to meet the growing demand. Plastic products range from jerry cans, shopping bags, chairs, tables, buckets to bags, carpets, etc.
The plastic subsector in Nigeria is also engaged in the production of household goods, from plastic cups to bottles, boxes, buckets, chairs, plates, toys and much more. The country has a huge market for plastic and petrochemical products. With Eleme Petrochemicals (a 400-hectare subsidiary of the Indonesian Indorama group) exporting $ 75 million in plastic products a year, the plastic market is huge and the business is even more attractive in the long run. In addition, business activity is not cyclical and therefore resilient to the business cycle.
The Need to Recycle Plastic
Plastics seem common and inevitable. Since the 1960s, the use of plastic has skyrocketed, and then the proportion of our waste made from plastic has also increased by 1% of the total municipal solid waste. general (household waste) up to about 13% (US EPA) Plastic products range from containers and packaging (soft drink bottles, caps, shampoo bottles) to durable goods (hardware, furniture, and cars) and non-repairable items, including items from a plastic side tray to medical devices. Sometimes with a number and an arrow following it gives the illusion that all plastics are recyclable and therefore recyclable, but there are some problems with this assumption.
As the use and consumption of plastic increases, doubts are also growing about viable options for reuse, recycling and disposal. Complications such as increasing the number of additives that alter strength, texture, flexibility, color, bacteria resistance, and more are applied. and other properties of plastic that make it less recyclable. In addition, some plastics have a very low market value, prompting cities to bury or incinerate them as waste. According to the EPA (data for 2011), only 8% of plastic materials are recovered through recycling.
Another major concern with plastics in the waste stream is their durability and biodegradability. It is estimated that most plastics will take 500 to 1000 years to decompose into organic components. Due to its long lifespan and low recycling rate, most of our plastic waste ends up in landfills or landfills. river and wind into the ocean. Garbage barges and transcontinental transportation of recyclable materials are also driving an increase in the amount of plastic in our oceans and waterways.
With limited sustainable plastics recovery, the global movement to curtail plastics production is growing. Some types of plastics may be “safer” for the environment than others, but they all raise concerns, suggesting that measures are needed to get rid of waste. Plastic waste and tighter controls are needed to limit new sources of plastic pollution Actions such as light packaging and switching to compostable plastic are options. Many people use eco-friendly bags. Strive for the environment. Policies that restrict the use of plastic, such as paper money. Banning bottles and bags is another way to cut down on plastic production and consumption.
Recycling landfills in our oceans and converting plastic waste into usable materials, from line socks to fuels made from various plastic waste, is one way to reduce pollution.