Electronic Green Journal

The importance of developing the circular economy in Nigeria is increasingly recognized in literature. Nigeria, as the most populous black nation with over 200 million people and the 27th largest economy globally, possesses significant potential to explore and implement circular economy models, especially within the waste management sector. The market is buoyed by its large population and the growing demand for recycled materials, driven by economic incentives. Advancing the circular economy will aid in diversifying the national economy, promoting inclusive prosperity, and generating employment while creating safer environments to advance sustainable development goals (SDGs).

However, the circular economy in Nigeria faces challenges such as low awareness, inadequate market integration, infrastructure deficiencies, policy inconsistencies, and high costs associated with equipment retrofitting. Recognizing the untapped potential of the circular economy as a transformative resource capable of creating employment opportunities for the burgeoning youth population and driving green growth amidst the threats posed by climate change, the study emphasizes the need for increased and monitored investments in infrastructure.

Furthermore, it recommends providing grants and capacity-building support to current stakeholders within the circular economy sector to foster the development and scalability of innovative solutions, including ecosystem and equipment retrofitting/procurement. Consequently, it is imperative for the federal government to formulate and implement appropriate policies that support the circular economy framework.

The transition towards a circular economy model presents significant opportunities for development in Nigeria, a country grappling with various environmental and socio-economic challenges. By adopting this model, Nigeria can mitigate resource depletion, reduce waste generation, and foster economic growth while promoting sustainability. However, this transition also comes with its set of challenges that need to be addressed for effective implementation. This study addresses both the opportunities and challenges facing the Nigerian economy in developing a circular economy.