The National Automotive Design and Development Council has disclosed in a statement issued on Sunday, with the Director-General, Joseph Osanipin, saying the Federal Government has announced plans to tap into Nigeria’s largely informal vehicle recycling market, projecting annual revenues of over N150bn from 2026, as part of sweeping reforms to modernise the country’s automotive industry.
According to Joseph, the policy is meant to formalise the recycling of vehicles that have reached the end of their useful lives, turning what is currently an environmental and safety burden into a major economic opportunity. Going further he said “In developed countries, when you buy a new vehicle, during registration, you make a payment towards the disposal of that vehicle when it reaches the end of its life. When it gets to the end of its life, somebody has to be responsible for the disposal,”
Studies by the council showed that over 85 per cent of components from end-of-life vehicles remain reusable or recyclable, creating a strong foundation for a formal circular economy.
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