A tyre recycling and rubber manufacturer company, FREEE Recycle Limited, has revealed that the sector value of Tyre Importation in Nigeria is worth over N108 billion market shares annually.
To this end, it called for adoption of a circular economy to explore the potential of the Tyre waste recycling sector.
Globally, with the growing need of alternative and renewable energy, circular economy has been one of the leading conversations among environmental experts and stakeholders who believe that manufacturers and industries should turn waste to wealth by encouraging environmental sustainability and cleaner production across industry verticals.
Speaking at a media parley in Lagos, the managing director of FREEE Recycle Limited, Ifedolapo Runsewe identified the need to close the loop in the circular economy by exploring the potential of the Tyre waste recycling market in the country.
She insisted that the sector value of Tyre recycling and waste management sector has not really impacted much on the GDP, adding that, despite the market shares and size of Tyre Importation in Nigeria, only a nominal value of 0.32 per cent was added to the growth of waste recycling sector in the GDP even as she buttressed that the waste recycling sector has huge potential to leapfrog Nigeria into the global market economy.
She maintained that FREEE recycling company has recycled over 350,000 waste tyres to produce commercial and economically viable products to boost the economy even as she further explained that the company is expanding its growth plan to target multiple processing of two million tyre recycling waste annually while hinting on improving the circular economy.
She urged manufacturers to close the loop in the circular economy by exploring the potential of the Tyre waste recycling sector while affirming its commitment to advancing Nigeria’s environmental sustainability through innovative recycling solutions and contributions to the circular economy.
She said, the company operates an integrated recycling and manufacturing facility which transforms scrap tyres into reusable and eco-friendly rubber moulded products for residential and commercial settings.
“Tapping into Nigeria’s vast waste resources, FREEE Recycle pioneered several efforts in an often-overlooked area of tyre waste. The company’s strategic focus is on transforming discarded tyres into valuable products, driving Nigeria’s circular economy forward,” she said.
Since its pilot launch in 2020, she said, FREEE Recycle has grown into a commercially viable enterprise, demonstrating that tyre waste can be repurposed to create high-quality goods, thereby, reducing environmental pollution and contributing to sustainable economic growth.
FREEE Recycle Limited operates a 5 acre state-of-the-art tyre recycling, rubber mat making, and tile manufacturing facility in Ibadan, Oyo State.
The facility currently has an installed tile production capacity of 400m2 per day, a mat production capacity of 3200m2 per day, and a tyre recycling line with a combined capacity of 1450kg of crumb rubber per hour. The company’s initiatives have resulted in the recycling of over 250,000 tires, preventing the emission of over 8,100 metric tons of CO2 and saving lives by preventing over 2,250 malaria mortalities.
