Nigerian e-waste recycling sector receives support from Goodwell and Alitheia
Goodwell Investments and Alitheia Capital Boost E-Waste Recycling in Africa
Goodwell Investments and Alitheia Capital have made a strategic move into the e-waste recycling sector, one of the world's fastest-growing waste streams. The duo has invested approximately US$2 million in Hinckley E-Waste Recycling in Nigeria, marking Goodwell's entry into waste management with a goal to scale sustainable e-waste recycling in Africa.
The investment aims to enable Hinckley to recycle up to 30,000 tonnes of e-waste annually, expand export operations, create safer jobs, improve livelihoods, and contribute to environmental health in the Ogun State region.
Addressing the E-Waste Challenge in Africa
The e-waste challenge in Africa is significant, with only 1-15% of generated e-waste being recycled, despite growing volumes. Nigeria alone generates about 500,000 tonnes annually, making it the region's largest e-waste producer and the third largest in Africa, after South Africa and Egypt.
The primary goals of this investment include addressing the e-waste challenge in Nigeria and West Africa, formalizing the informal e-waste collection sector, extracting valuable resources from e-waste, and creating a healthier environment by responsible recycling practices.
Formalizing the E-Waste Sector and Creating Safer Jobs
The investment in Hinckley E-Waste Recycling is focused on changing the informal e-waste recycling sector in Africa. Hinckley sources most of its e-waste from a network of local informal collectors, providing them with a formal platform to work in safer conditions and earn a fair income.
Extracting Valuable Resources and Reducing Dependence on Mining
By recycling e-waste, valuable resources can be extracted, reducing dependence on mining virgin materials needed for batteries in electronic devices and electric vehicles. The funding will support the construction of two state-of-the-art recycling plants in Ogun State, one for lithium-ion batteries and another for lead-acid batteries.
Creating a Healthier Environment
Responsible recycling practices will reduce pollution and hazards associated with improper e-waste disposal. The lack of proper waste management across the continent leads to land, soil, air, and water pollution, as well as greenhouse gas emissions, with hundreds of thousands of informal waste collectors facing hazardous conditions and health risks.
A Strategic Move Towards Environmental Sustainability
The investment in Hinckley E-Waste Recycling is just the beginning of Goodwell's focus on inclusive, climate-resilient economies that turn environmental challenges into economic opportunities. Goodwell sees enormous potential in supporting businesses that address environmental challenges, and this investment is a strategic move towards environmental sustainability in Africa.
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[2] Alitheia Capital. (2022). Alitheia Capital invests in Hinckley E-Waste Recycling. Retrieved from https://alitheiacapital.com/news/alitheia-capital-invests-in-hinckley-e-waste-recycling/
[3] uMunthu II Fund. (2022). uMunthu II Fund invests in Hinckley E-Waste Recycling. Retrieved from https://umunthufund.com/news/umunthu-ii-fund-invests-in-hinckley-e-waste-recycling/
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- This strategic investment in Hinckley E-Waste Recycling will not only help boost e-waste recycling in Africa, but also contribute to the energy transition by reducing the dependence on mining virgin materials for batteries.
- The joint investment by Goodwell Investments and Alitheia Capital aims to formalize the informal e-waste collection sector in Africa, creating safer jobs and improving livelihoods, while also addressing the climate-change issue associated with e-waste.
- By investing in Hinckley E-Waste Recycling, Goodwell Investments is demonstrating its commitment to environmental sustainability, particularly in the realm of renewable resources and the environmental-science approach to waste management.
- Additionally, this investment in Hinckley E-Waste Recycling will yield a triple bottom line: beneficial social impact, financial returns through investing, and a healthier environment through responsible e-waste recycling practices.
