Ogun State Welcomes New Multimillion-Dollar Recycling Plant Set to Boost Economy and Create Jobs
Ogun State Welcomes New Multimillion-Dollar Recycling Plant Set to Boost Economy and Create Jobs
Ogun State continues to attract a wave of investment, exemplified by the recent establishment of a new recycling plant dedicated to producing aluminum and copper ingots.
Mr. Ibidapo Lawal, Managing Director and Chief Executive Officer of Neveah Ltd, made this announcement on Monday following a meeting with Governor Dapo Abiodun in Abeokuta’s Oke-Mosan area.
Lawal highlighted that this multimillion-dollar facility, once fully operational, is expected to generate over $150 million annually and create more than 500 job opportunities.
The plant will focus on recycling aluminum scrap from car engines, beverage cans, and other metal sources into ADC 12, which will then be exported to automotive manufacturing companies in various countries across Asia, including Japan and Indonesia.
“The facility is located in Mowe and will employ over 500 workers, contributing to local job creation and boosting the economic development of Ogun State and Nigeria as a whole. It is projected to contribute approximately 2.53% to Nigeria’s total non-oil exports,” Lawal stated.
Initially, the project was intended for northern Nigeria, but the decision to establish it in Ogun was influenced by the state’s proximity to major ports such as Tincan, Apapa, and Lekki.
“From an investment perspective, Ogun offers unique advantages. It’s in close proximity to Lagos, where property values continually appreciate,” he added.
Lawal emphasized that the presence of skilled labor, conducive infrastructure, including a reliable road network, and access to natural gas played crucial roles in selecting Ogun State for this venture.
“The availability of gas is a significant factor. Setting up the plant in another state might require us to rely on diesel for power, which is more costly. Here in Ogun State, gas is readily accessible, making operations more economical,” Lawal explained.
During his meeting with Governor Abiodun, Lawal updated him on the plant’s progress and sought the governor’s support for a smooth rollout of operations.
“The governor was enthusiastic and highly supportive. It’s refreshing to work with a leader who prioritizes investment and actively engages with the community. Our meeting was very fruitful,” he concluded.
