Full Guide To Start Profitable Recycling Business In Nigeria
Plastic waste is uncontrolled in Nigeria. The local government data shows that the country produces at least 2.5 million tons of plastic waste every year. Some of these waste ends up in the seas and rivers. Nigerian artists and environmentalists process these wastes into ready-to-use goods. Especially into clothes, bags, raincoats, shoes, etc. However, waste is often considered dirty, unkempt, and downright disgusting. But, who would have thought that something this worthless could be turned into money? They can be produced and recycled into usable goods. Therefore, learn how to start making a profit from the recycling business in Nigeria.
How to Make Profit from Recycling Business in Nigeria
1. Choose a product
Nigeria is all about setting up waste recycling facilities. For instance, plastic waste from bottles, containers, cartons, wrappers, etc., is converted into useful products. So, your first step would be to determine what products and types of waste will be recycled into.
2. Make a business plan
To jumpstart a recycling business is all about research. Since there are various recycling niches to choose from. Therefore, create an in-depth business plan to help you focus on:
- Market research
- Business goals and objectives
- Capital and budgeting
- Business analysis
- Marketing strategies
- Business registration— register with CAC (Corporate Affairs Commission)
- Permits and licenses— at Lagos, for instance, the license can be obtained at LAWMA (Lagos Waste Management Authority)
3. Recycling Facility
There are several things to consider in setting up a recycling facility:
- Must have a suitable location, mainly for storing all waste.
- It should have a limited area similar to a factory, but less space to do so.
- Must pay attention to the equipment that will be used to recycle.
- Find a reliable waste supplier that can provide the required amount of waste.
4. Invest in a waste recycling machine
In order to recycle your recycling waste, then you have to invest in the right equipment, mainly a recycling machine. This machine is key and one of the determining factors in the success of the waste recycling business in Nigeria. With the right machine, recycled production can be more optimal. Even better, when the machine used is large enough to be able to produce in large quantities.
5. Labor and technicians
Just like any other business, the waste recycling business definitely requires manpower and technicians. Therefore, at this step, you must be able to determine the right criteria for workers and technicians. Not only that, you also need to calculate the number of wages that will be received by your workers.
Is Recycling Business in Nigeria Worth It?
Yes, of course. It takes will and hard work to start this industry. Imagine having a 100% profit from your main capital. Some entrepreneurs who are engaged in the recycling business in Nigeria earn up to N30k per month or an average of N1k per day.
Furthermore, if the business scale is large, your profit can reach hundreds of thousands of Naira. Thus, this business opportunity is broad, because not many people see its potential. In fact, the amount of waste from various industries continues to increase every day.
So, start collecting waste from plastics, papers, electronics, etc., and start earning!
