Neveah Limited is set to launch a 44,000-metric-ton aluminum and copper recycling plant in Ogun State. This move is expected to significantly boost Nigeria’s non-oil sector, marking a key milestone.
Economic Growth and Job Creation
The multi-billion-naira plant is projected to generate over $100 million in annual revenue. Moreover, it will create 6,000 jobs, thereby benefiting the country’s industrial and environmental landscapes.
The facility will produce 36,000 metric tons of aluminum and 8,100 metric tons of copper each year. As a result, it will cater to both local and international markets, thus reducing Nigeria’s reliance on imports. Additionally, the plant will help increase foreign exchange earnings through exports to Europe, North America, Asia, and Africa.
Positive Impact on Tax Revenue and Employment
Furthermore, the plant’s operations will contribute significantly to Nigeria’s tax revenues, including corporate taxes, VAT, and PAYE. According to Lawal, it will create 400 direct jobs and up to 6,000 indirect jobs in logistics, raw material supply, and ancillary services. In addition, Neveah is committed to gender equality by ensuring 40% female workforce representation.
Environmental Benefits
The plant is set to make a major environmental impact. It will reduce CO₂ emissions by 377,460 tons annually, which is the equivalent of removing 82,000 cars from Nigerian roads. In addition, it will conserve 616 million kWh of energy, enough to power 57,500 households. The facility will also divert 55,400 metric tons of scrap from landfills while saving 549,000 metric tons of raw materials. These efforts will help combat environmental degradation caused by mining.
As Lawal emphasized, “Our goal is not simply profitability; we are committed to sustainable industrialization and economic empowerment on a global scale.”
Supporting Nigeria’s Economic Diversification
Scheduled for commissioning in Q1 2025, the plant aligns with Nigeria’s economic diversification strategy. It will strengthen the non-oil sector and promote the processing of local raw materials. Additionally, it supports Nigeria’s transition to a low-carbon economy and adheres to global Environmental, Social, and Governance (ESG) standards.
