By Modupe Gbadeyanka

In the quest to strengthen circular economy infrastructure and sustainable packaging value chain, the trio of Indorama Ventures Public Company Limited, Nigerian Breweries Plc and Genesis Power and Energy Solutions Limited has partnered to establish a state-of-the-art recycled PET (rPET) plant in Nigeria.

The facility will convert post‑consumer PET bottles into high‑quality recycled material for packaging applications.

The plant, located in Lagos, should be ready in the first half of 2027. It will produce up to 45,000 tons of food‑grade rPET resin annually.

“This compelling initiative demonstrates Genesis’s commitment to deploying capital to climate-resilient investments by leveraging clean energy as a strategic nexus to advancing viable economic opportunities.

“The investment is also a testament to how cross-sector partnerships can enable sustainable industrial development.

“By combining circular economy principles with resilient infrastructure and energy solutions, the initiative supports long-term environmental impact and local value creation,” the chief executive of Genesis Energy, Mr Akinwole II Omoboriowo, said.

Also commenting, the chairman of ESG Council at Indorama Ventures, Yash Lohia, said, “This partnership marks a defining milestone in our global recycling journey. By establishing our largest recycling facility to date and one of the largest rPET sites in Africa, we are bringing Indorama Ventures’ global expertise, proven technologies, and long-term vision for circularity to a region with immense growth potential.

“This investment reflects our belief that scaling sustainability solutions locally is essential to building resilient, sustainable packaging systems that deliver lasting environmental and economic value.”

Business Post reports that the initiative aims to meet fast‑rising demand for recycled content, reduce plastic waste, and create local value through improved collection systems, job creation, and increased participation across the recycling value chain.

The partnership brings together complementary strengths across the PET value chain. Indorama Ventures, the world’s largest recycler of PET for beverages, contributes expertise in sustainable materials development.

Nigerian Breweries, a Heineken operating company, provides strong local market insight and engagement across Nigeria’s beverage ecosystem, while Genesis Energy supports the initiative with sustainable infrastructure and energy expertise.

The project is expected to support recycling capacity in Nigeria, subject to regulatory approvals, technical validation, and operational implementation. Together, the partners aim to establish commercially viable rPET operations that enable responsible growth and long-term environmental impact, as it aligns with Nigeria’s National Policy on Plastic Waste Management, introduced in 2020 to strengthen collection, recycling, and circular economy solutions, with the goal that all plastic packaging be recyclable, biodegradable, compostable, or reusable by 2030.

By Adedapo Adesanya

The Minister of Foreign Affairs, Mr Yusuf Tuggar, has positioned Nigeria as a strategic partner for Gulf oil and gas producers amid growing concerns over supply disruptions caused by the conflict in the Middle East.

Mr Tuggar told Reuters in an interview that the ongoing tensions involving Iran and the resulting disruptions to shipments through the Strait of Hormuz highlight the need for broader cooperation among energy-producing nations. The waterway, which carries roughly a fifth of the world’s oil supply, has faced shipping interruptions since the conflict escalated, prompting exporters to suspend some cargo movements and pushing global crude prices higher.

According to him, Nigeria’s untapped reserves offer Gulf states ​an alternative source of crude and gas at a time when global flows are vulnerable, and ​demand for hydrocarbons is set to remain strong for years.

“It’s in line with ⁠what we’ve always advocated – that countries which might otherwise consider us competitors should partner with us and ​invest so they can diversify their market share, working with us,” he said.

“It could make them want to ‌work with ⁠countries like Nigeria that are rich in gas and oil … to diversify market share for the benefit of both countries, or they could hold back,” he added.

Nigeria and the United Arab Emirates signed a pact in January, the Comprehensive Economic Partnership Agreement, that the federal government said should unlock trade and investment.

Qatar‑linked investors have also announced plans for investment in ​gas in the country.

Mr Tuggar said Nigeria has felt the pain of costlier oil ​because it imports large volumes of refined products, lifting transport and food prices, ​especially during the ⁠Muslim fasting month of Ramadan, when consumption typically rises.

Meanwhile, the International Energy Agency (IEA) and its 32 member states will release 400 million from emergency crude stockpiles to cushion the effect. The US, one of the members, will release 172 million barrels of oil from its Strategic Petroleum Reserve in a bid to reduce prices that have soared more than 50 per cent.

For Mr Tuggar, Nigeria was better placed to withstand longer‑term shocks as domestic refining expands.

On its part, the 650,000 barrels per ⁠day Dangote Refinery has said it is operating at good capacity, enough ​to meet domestic needs.

Oil will stay “relevant for many years to come,” ​Mr Tuggar added.

“At the moment, the world consumes about 105 to 106 million barrels per day. I don’t see that changing much anytime soon, ​so we need to work together so we have enough hydrocarbons available.”

By Modupe Gbadeyanka

The Lagos International Trade Fair Complex in the Ojo area of Lagos State was shut down on Wednesday by traders protesting the proposed takeover of the facility by state and local government authorities.

The aggrieved demonstrators emphasised that the complex belongs to the federal government, and if there is a transfer of ownership to the state and local governments, then stakeholders should be carried along.

They expressed concerns that handing over the trade fair complex to the duo could be disruptive, and traders may have to pay more taxes and levies, which will, in turn, result in higher prices of goods.

In protest of the planned takeover, the traders yesterday locked up their shops, especially those in the ASPANDA Market segment within the facility, where spare parts are sold.

Apparently worried about the situation, the Minister of Industry, Trade and Investment, Ms Jumoke Oduwole, visited the market to talk to the traders.

She urged them to reopen the complex, as efforts are being made by the federal government to resolve the issue amicably.