Firm seeks tyre recycling to tap into $180 million windfall

FREEE Recycle Limited has called for greater attention to tyre recycling to boost Nigeria’s Gross Domestic Product (GDP) and promote sustainable growth, noting that the country loses between $120 million to $180 million is lost yearly due to untapped potential in this sector.

Speaking in commemoration of World Cleanup Day 2024, the Managing Director, FREEE Recycle Limited, Ifedolapo Runsewe, emphasised that while plastics have been the primary focus of foreign investment in Nigeria’s recycling industry, the tyre recycling industry in the United States alone represents a $12 billion market.

She underscored the potential for Nigeria, a country with a population close to that of the U.S. to tap into this lucrative market. Runsewe highlighted that, as of 2019, Nigeria had 11 million registered vehicles, with approximately 66 million tyres in circulation yearly.

She said this creates a vast opportunity for tyre recycling, which remains largely untapped.
She reaffirmed the company’s commitment to advancing Nigeria’s environmental sustainability through innovative recycling solutions and contributions to the circular economy.

According to Runsewe, FREEE Recycle operates an integrated recycling and manufacturing facility that transforms scrap tyres into reusable, eco-friendly rubber-molded products for both residential and commercial use.

“The company’s strategic focus is on transforming discarded tyres into valuable products, driving Nigeria’s circular economy forward. Since its pilot launch in 2020, FREEE Recycle has grown into a commercially viable enterprise, proving that tyre waste can be repurposed to create high-quality goods. This reduces environmental pollution and contributes to sustainable economic growth,” she said.

Runsewe also highlighted the company’s contributions to Nigeria’s economic and employment growth, stating that its operations align with 12 of the 17 United Nations Sustainable Development Goals (SDGs), demonstrating the wide-ranging impact of its integrated recycling and manufacturing model.