A firm, Neveah Ltd, has established a recycling plant for the production of aluminium and copper ingots in Ogun State.
The Managing Director and Chief Executive Officer of Neveah Ltd, Mr. Ibidapo Lawal stated this on Monday after a meeting with Governor Dapo Abiodun in his office at Oke-Mosan, Abeokuta.
Lawal noted that the multimillion-dollar recycling plant, when fully operational and at full capacity, would generate over $150 million annually and employ more than 500 people.
He said the plant would recycle aluminium scraps from car engines, cans, and other metals into ADC 12 and export them to car manufacturing companies in Asia, Japan, Indonesia, and a host of others.
He said: “The plant is situated in Mowe, and it will employ more than 500 people, thereby creating jobs locally and also contributing to the development of Ogun State and Nigeria as a whole. It will account for about 2.53 per cent of the entire non-oil export for Nigeria.
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“Initially, this project was meant to be situated in the north, but we chose Ogun because of its proximity to ports like Tincan, Apapa, and, of course, Lekki.
“Apart from that, you think in terms of capital appreciation. Unlike any other state, you look at the return you are going to get in terms of investment. Ogun is very close to Lagos, and you can see that the price of land and property keeps appreciating.”
The Chief Executive Officer maintained that the availability of skilled labor and expatriates, infrastructure like a good road network, as well as an abundance of gas, led to the decision to choose Ogun State for setting up the business.
“Another thing is the availability of gas. If we set up our plant in another state, we would probably have to power our plant using diesel, but in Ogun State, gas is available, so it is cheaper for us,” Lawal added.
He said his meeting with the governor was to brief him on the progress of work at the site and to seek his support for the successful takeoff of the plant.
“The governor was very happy and quite supportive. It is interesting to see a governor who is willing and ready to work with the people, promote investment, and care so much about the people. It was a very productive meeting,” he said.
