President, Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, has urged Micro, Small and Medium Enterprises (MSMEs) to create value and business longevity by embracing circular supply chains.
Speaking at the Chamber’s Science, Energy and Technology (SET) Committee third Circular Economy Conference (CEC 3.0), themed: ‘Creating Value Through Circular Supply Chains,’ held at Commerce House, Lagos, he said the theme could not have come at a more critical moment, when Nigeria, like many nations, is grappling with the twin challenges of economic stability and environmental sustainability.
Noting that the concept of circular economy represents a significant shift from the traditional ‘take–make–dispose’ model to a system where resources are used more efficiently, waste is minimised and value is created at every stage of the product life cycle, he said it is a new paradigm for sustainable economic growth.
“At its core, the circular economy is about rethinking growth, decoupling economic progress from resource consumption, and designing systems that regenerate rather than deplete. For a country like Nigeria, endowed with abundant natural and human capital but constrained by infrastructure and waste management challenges, this paradigm offers an incredible opportunity.”
Adding that the focus on circular supply chains is particularly significant, he said supply chains are the lifeblood of every industrial system, linking producers, suppliers, manufacturers, distributors and consumers. By embedding circularity into our supply chains, he said, we can reduce material waste and energy costs, stimulate new business models such as repair, remanufacturing and recycling, strengthen local production ecosystems and create green jobs in logistics, waste recovery and product innovation.
Urging the private sector to take the lead in this transformation, he said manufacturers must redesign their products for durability and recyclability; distributors must rethink packaging and logistics and investors must recognise the value of sustainability as a business strategy, not just a cost.
“However, we need fiscal incentives for green production, import policies that discourage wasteful practices and clear standards for waste segregation and recycling. Public-private collaboration will be essential,” he said.
Also noting that advances in digital technology, renewable energy and materials science offer practical tools for circularity, he said modern innovation can help businesses close the loop efficiently.
Revealing that the path to a circular economy is not without challenges, he said it requires a mindset change, cross-sector collaboration and long-term commitment. “The rewards — economic competitiveness, resource efficiency, environmental sustainability, and job creation — far outweigh the costs, however,” he said.
A panel session made up of the special adviser to the Lagos State governor on Sustainable Development Goals (SDGs), Dr Oreoluwa Finnih Awokoya (represented by the technical special assistant on SSGs to the Lagos State Government, Michael Folorunsho); Executive Director, ENL Consortium, Mark Walsh and Founder, Thistle Praxis Consulting Limited (TPC), Dr Ini Abimbola; discussed the numerous challenges preventing businesses and residents from embracing circular economy and how the government, through its agencies such as the Lagos State Waste Management Authority (LAWMA) and others, can work with industries and households to achieve this goal in the nearest future.
