687 Views

The $400 Billion Dollar Business of Turning Waste into Gold

A white man once said that in Nigeria, every street is literally lined with gold, but surprisingly no one is seeing it. That statement looks very doubtful, especially considering the extent of poverty occasioned by the current economic recession.
However, a closer look at this statement will reveal that there is no smoke without fire.
We waste so much in Nigeria, from the government level down to our individual household. Oil companies simply flare our large resources of Natural gas, instead of converting it to cheap and safe cooking gas. The same oil companies refuse to build refineries on our shores, but will export our crude paying less than $30 dollar per barrel to our government but go abroad, refine it and sell it back to us at over N100 per liter for gasoline only. From a single barrel of oil, they make over 300 different products, from fuel to pharmaceutical products.
For today, I am not focusing on the incredible waste in the oil sector, rather I will focus on the waste generated in our house hold. On every street corner and slum, are heaps of waste, and maybe this is what the white man referred to as gold. Little do we know that from the heaps of waste littering our streets, we can generate millions of dollars in income.
Waste recycling is one of the fastest growing business in the world. In Nigeria however, it is seen as nothing but waste. A new report commissioned by Environmental services company Veolia has stated that the world market for waste, from collection to recycling, is worth around 300 billion Euros (US $410 billion)
There is so much wealth in waste management from low-skilled waste collection business, to the more skilled waste recycling industry. A market worth over $400 billion worldwide. Yet in Nigeria, Waste litters every corner of our streets, and is a nuisance instead of being a money spinner.
In this article and subsequent ones, I will go through the entire waste management value chain, dissecting the numerous businesses and opportunities available in this sector, with the hope that you may find a niche that you can take advantage of.
Millionaires Academy is working to ensure that we uncover the thousands of opportunities in Nigeria, so our youths will be gainfully employed and our economy will turn from a consumer nation to a producer.
Some of the business opportunities we shall be dissecting in the waste management value chain are:
1. Waste Collection and sorting business.
2. Plastic waste recycling, Making plastic products from waste
3. Getting gold and precious metals from e-waste (Watch short video of the process on this page.)
4. Biogas Manufacturing from waste
5. Metal recycling business
6. Paper Recycling
7. Glass Recycling
8. Extracting Lead, Zinc, and silver from recycled battery
9. The huge electronic waste industry
10. Making building materials from waste
11. Organic fertilizer from waste
12. Waste oil recycling
As you can see, there are many uses for waste, unfortunately in my dear country, we simply waste everything. We prefer to buy foreign fertilizer for N10,000 a bag, than make organic fertilizer. We prefer to buy paper, in fact everything, even toothpick from outside the country.
Today, Recession is opening a great opportunity for entrepreneurs who can grab any of this opportunity and make something useful out of readily available waste.
This is not a new business, other countries are already doing it. Examples
Recyclobekia:
This is an e-waste recycling business, started by 25 year old Egyptian Mostafa Hemdan. “I was watching a documentary about electronic recycling, and I realised there was a lot of potential in extracting metals from mother boards – gold, silver, copper, and platinum,” he says. Today his company Recyclobekia employs 20 people across four warehouses, and sells $2.4m (about N700 Million) of electronic waste per year.
YELI Uganda:
Founded by 16 year old Andrew Mupuya, it is Uganda’s first paper bag production company. To start the paper production business on a small scale, Andrew figured out he needed about 36,000 Ugandan shillings ($14 about N4500). He raised $11 from selling 70 kilos of used plastic bottles and then borrowed the remaining $3 from his school teacher (For those always crying about startup fund, you can see that most time, what we have is idea problem and not money problem, that is why we urge you to join Millionaires Academy for working business ideas and professional training. Register @ http://register.millionaire.ng/ ). Today, the business has grown quite dramatically. Andrew’s paper bag company now employs over 20 people and produces more than 20,000 paper bags every week.
EcoPost, Kenya
Lorna Rutto left her bank job in 2009 to start EcoPost, one of Kenya’s biggest plastic recycling businesses. Her business recycles plastic waste, which is collected from dumpsites and garbage cans across Nairobi, to manufacture fencing posts. These posts, which are used to fence houses and forest reserves, are fast becoming a preferred alternative to timber.
So far, Lorna’s innovative business has produced over 10,000 fencing posts, created more than 500 jobs, and generated more than $150,000 ( About N48 million) in yearly revenues. Better still, her plastic recycling idea has saved over 250 acres of forests which would have been destroyed to produce wood for building and construction needs in Kenya.
Attero Recycling India:
Attero Recycling was born when its founder just wanted to throw out a laptop. Rohan Gupta the founder, realized there wasn’t an environmentally friendly way to get rid of the equipment. He and his brother, Nitin, drew up a business plan in late 2007 (Can you prepare a workable business plan? If not, take our free lecture on Comprehensive Business Plan). Attero is now collecting and processing about 1,000 metric tons of e-waste a month from over 500 cities in India, and extracting precious metals like platinum, gold and selenium from the trash. Annual revenues nearly quadrupled over two years to $15 million in the fiscal year that ended this March, and they eked out their first profit that year. Compared to the world’s, and even India’s, e-waste heap, the company’s efforts are small, but the way they recycle is getting attention around the world. They’re now building processing plants in Mexico and Ireland to deal with local e-waste there.
There are hundreds of other entrepreneurs both big and small making millions of dollars from waste management.
Source: RealMillionairesAcademy

ALSO READ  I Used NYSC Allowance To Start My Business - Adeola Jegede

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Warri-based Cleric, Prophet Jeremiah Fufeyin Poses With His Newly Acquired Private Jet (Photos)
Religion
8 views
Religion
8 views

Warri-based Cleric, Prophet Jeremiah Fufeyin Poses With His Newly Acquired Private Jet (Photos)

MT - May 24, 2018

Prophet Jeremiah Fufeyin, the popular Warri-based clergyman acquired a private jet in March this year and is obviously very proud of it. The prophet took to his…

Super Eagles vs Atletico Madrid: Torres Presented With a ‘Priceless’ Gold Sculpted N1000 (Photos)
Best of Nigeria
10 views
Best of Nigeria
10 views

Super Eagles vs Atletico Madrid: Torres Presented With a ‘Priceless’ Gold Sculpted N1000 (Photos)

MT - May 24, 2018

Europa League Champions, Atletico Madrid on Tuesday evening at the Goodswill Akpabio international stadium in Uyo, Akwa Ibom state, defeated the Super Eagles 3-2 to win the…

Protest In US Over Racial Bias Against Nigerian
Buzz & Trends
9 views
Buzz & Trends
9 views

Protest In US Over Racial Bias Against Nigerian

MT - May 24, 2018

Racial bias against Ms Lolade Siyonbola, a Nigerian graduate student at the Yale University, has prompted Nigerian community in the U.S. to stage a protest. The Organisation…

Concentrate On Environmental Health – Dr. Patrick Ovie Fueta
Food and Health
12 views
Food and Health
12 views

Concentrate On Environmental Health – Dr. Patrick Ovie Fueta

PH - May 24, 2018

Nigeria is blessed with natural resources distributed all over different geographical regions however, it is its citizens, Nigerians, that harness the economic potential from these resources thereby…

This Nigerian Singer, Peter Okoye’s Garage Will Leave You In Awe (Photos)
Entertainment
22 views
Entertainment
22 views

This Nigerian Singer, Peter Okoye’s Garage Will Leave You In Awe (Photos)

MT - May 24, 2018

The garage of Nigerian musician, Peter Okoye aka Mr. P has been profiled by autojosh. He was a member of the defunct Psquare group. This ‘up-coming’ solo…

Google Launches First ‘Impart Challenge’ in Nigeria; Here’s How to Apply to Win Part of $2m Grant
Best of Nigeria
17 views
Best of Nigeria
17 views

Google Launches First ‘Impart Challenge’ in Nigeria; Here’s How to Apply to Win Part of $2m Grant

MT - May 24, 2018

Google on Wednesday launched the Google Impact Challenge (GIC) Nigeria 2018 aimed at empowering the citizens to drive community impact. The Google Country Marketing Manager, Affiong Osuchukwu,…

NUC Releases Names Of Nigerian Universities Approved For Post-graduate Programmes [Full list]
Best of Nigeria
18 views
Best of Nigeria
18 views

NUC Releases Names Of Nigerian Universities Approved For Post-graduate Programmes [Full list]

MT - May 24, 2018

The National Universities Commission (NUC) has released a full list of approved post-graduate awarding institutions in Nigeria A bulletin from the office of the Executive Secretary dated…

6 Times Former Vice President Atiku Showed Loyalty to Arsenal FC
Inspiring
15 views
Inspiring
15 views

6 Times Former Vice President Atiku Showed Loyalty to Arsenal FC

MT - May 24, 2018

Former Vice President of Nigeria, Abubakar Atiku is loyal to a cause - Arsenal FC. Atiku has been bashed by political gladiators and analysts for being not being loyal…

Buhari Is A Weak Leader, See Reasons – Ben Bruce
Politics
15 views
Politics
15 views

Buhari Is A Weak Leader, See Reasons – Ben Bruce

MT - May 24, 2018

Ben Murray-Bruce, the Senator representing Bayelsa East constituency has described President Muhammadu Buhari as a weak leader. Bruce said the Buhari-led administration failed in completing any major…

Pools, Hot Tubs Can Harbor Dangerous Germs
Food and Health
13 views
Food and Health
13 views

Pools, Hot Tubs Can Harbor Dangerous Germs

PH - May 24, 2018

By Steven Reinberg Pools, hot tubs and water playgrounds may be synonymous with summertime fun, but they also can be breeding grounds for dangerous germs that could…

Drug Abuse And Addiction, All You Should Know
Food and Health
15 views
Food and Health
15 views

Drug Abuse And Addiction, All You Should Know

PH - May 24, 2018

by Joseph Goldberg What Is Drug Addiction? Addiction is a disease that affects your brain and behavior. When you’re addicted to drugs, you can’t resist the urge to…

‘I Will Not Be Slaughtered Easily’ – Wike Fires Back At Nigerian Govt.
Buzz & Trends
9 views
Buzz & Trends
9 views

‘I Will Not Be Slaughtered Easily’ – Wike Fires Back At Nigerian Govt.

MT - May 24, 2018

Rivers State Governor, Nyesom Ezenwo Wike has lamented that people were being slaughtered on daily basis across Nigeria because the Federal Government does not care about the…

FLASHBACK: What Former President Obasanjo Said in 2008 on The ‘$16bn’ Allegation
Politics
12 views
Politics
12 views

FLASHBACK: What Former President Obasanjo Said in 2008 on The ‘$16bn’ Allegation

PH - May 24, 2018

In May 2008, former President Olusegun Obasanjo was summoned by the house committee probing the expenditure on power sector between 1999 and 2007 when he was in…

FEC Approves N5.1bn For Osun-Ekiti Road Project
Best of Nigeria
14 views
Best of Nigeria
14 views

FEC Approves N5.1bn For Osun-Ekiti Road Project

MT - May 24, 2018

The Federal Executive Council presided over by President Muhammadu Buhari on Wednesday approved N5.1billion for the rehabilitation of Ila Orangun – Oke Ila – Ilale Aka road…

NGOs And Tax Evasion In Nigeria
Business
13 views
Business
13 views

NGOs And Tax Evasion In Nigeria

PH - May 24, 2018

By Onike Rahaman The recent pronouncement by the Federal Inland Revenue service (FIRS) that the Non-governmental organisations in Nigeria are required by law to discharge tax obligations…

The Federal Republic Of Nigeria – An Overview
Art, History and Culture
12 views
Art, History and Culture
12 views

The Federal Republic Of Nigeria – An Overview

PH - May 24, 2018

from: wikipedia.com Nigeria, officially the Federal Republic of Nigeria, is a federal constitutional republic comprising thirty-six states and one Federal Capital Territory. The country is located in…

Linda Ikeji Is A Bad Role Model And I Am A Mentor, Says Kemi Olunloyo
Entertainment
14 views
Entertainment
14 views

Linda Ikeji Is A Bad Role Model And I Am A Mentor, Says Kemi Olunloyo

MT - May 24, 2018

News personality Dr Kemi Olunloyo reveals more secret about Linda ikeji’s pregnancy and more secret about her. See screenshots below;

5 Smart Things President Buhari Fails To Do On Social Media
Politics
11 views
Politics
11 views

5 Smart Things President Buhari Fails To Do On Social Media

MT - May 24, 2018

Social media - especially Twitter and Facebook - is now the primary way the Nigerian president and his media aides communicate with the people. This move has…

Loading...