Nigerian start-up Wecyclers, which is into recycling waste, has secured $2 million in funding to expand its activities over the next five years in Nigeria. The funds were raised by Unilever West Africa Nigeria, the subsidiary of the Dutch-British multinational and Bridges Outcomes Partnerships, a non-profit social enterprise based in the UK.
Nigerian start-up Wecyclers, which is into recycling waste, has secured $2 million in funding to expand its activities over the next five years in Nigeria. The funds were raised by Unilever West Africa Nigeria, the subsidiary of the Dutch-British multinational and Bridges Outcomes Partnerships, a non-profit social enterprise based in the UK.
The US $2 million financing was provided by the French investment bank Société Générale; through Unilever West Africa Nigeria, the subsidiary of the Dutch-British multinational consumer goods company and the English social enterprise Bridges Outcomes Partnerships. The concession contract to Wecyclers was signed a couple of days ago. The Nigerian start-up will use the new funding to expand its activities in Nigeria, where it has been collecting, sorting and recycling plastic waste since 2012.
Wecyclers will use the funding to collect an additional 30,000 tonnes of plastic waste over the next five years. This operation will be carried out by the 120 employees of the young company, who will crisscross the neighbourhoods of Nigeria on tricycles. Wecyclers’ employees will be supported by private collectors. As part of this operation, the Nigerian start-up will also need over 700 employees in its network of recycling franchises in Nigeria. Wecyclers recycle plastic waste into raw materials that it resells to industries.
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This initiative will substantially reduce plastic pollution in Nigeria. According to the World Economic Forum, in 2018 the West African country was dumping about 200,000 tonnes of plastic waste into the ocean per year, with consequences for aquatic biodiversity. Plastic waste also ends up on the streets, clogging drains and degrading soil quality.
