BY AVM KENNETH AKUGBE IYAMU (RTD)

The 2025 world economic forum meeting was held between 20 and 24 January 2025 with the theme ” Rebuilding trust in a world subject to constant changes where social divisions are becoming increasingly palpable.

The theme was anchored on:

A). Reimagining growth.

B). Investing in people.

C). Safeguarding the Planet.

D). Industry in the intelligent age.

The theme was derived from the conviction that WEF as an independent international organisation needs to be committed to improving the state of the world as stated in its mission; to engage business, political, academic and other leaders of society in shaping global, regional and industry agendas.

The alarm from the forum that by 2050, there will be 14.5 million deaths and $12.5 trillion losses from climate change should create panic and enable pragmatic approach.

Additionally, the predictions that over the next decade, environmental risks are projected to intensify with extreme weather, biodiversity loss and disruption to the earth systems emerging as the world most severe challenges should put vulnerable countries in panic mode.

The various predictions of the world economic forum interaction are through the Environmental Performance Index EPI, a biennial index initially launched in 2002 under Environmental Sustainability Index ESI that evaluates nations efforts to meet international environmental policy such as the UN.

Before we go ahead, let us understand what circular economy is; Generally, Circular economy is seen as the alternative to the traditional linear economy with the potential to trigger far reaching growth.

However, the annual meeting in line with its mandate describes circular economy as an industrial system that is both restorative and regenerative by intention and design instead of the linear economy that make, use and discard, generating trash and depleting resources in the process. The Forum is convinced that a circular model channel must reintegrate everything back into the system.

As fossil fuels gradually become less popular as the source of energy, Nigeria needs innovation of consumerism and altering process of reducing, reusing, refurbishing repairing and recycling in realising her circular and sustainability plan.

This is because, Nigeria is already firmly rooted and consummated in her recent roadmap efforts to transform from linear to circular economy by 2050 in line with WEF three principles of eliminating waste and pollution, circulating products and materials at their highest value and regeneration of nature.

I believe that these efforts will only lead to fruition when Nigeria explores her participation in WEF in creating the best collaborative process that aims to minimise waste, promote sustainable use of earth’s natural resources through smarter products design, longer use, recycling and others including regeneration of nature.

On sustainable development goals, WEF is creating collaboration and partnership to help countries end poverty and hunger, realise the human rights of all, achieve gender equality and the empowerment of all women and girls and ensure the lasting protection of the earth and all natural resources.

Nigeria needs to key into WEF strategy and willingness to take a global leadership role in sustainability and be recognised as an organisation that integrates sustainability as part of all its activities.

Therefore, the top focus of Nigeria should be to mainstream all available partnerships in the annual meeting to enable her sustain the driving action on all sustainable issues and internalise the 3 key drivers of sustainability: environmental, social and economic as an essential part in facing current and future national challenges not those related to the environment only.

Nigeria’s preparedness is apparent in already set circular economy goals on the following;

1). Economic goals with practice to create jobs, improve profit margins and expand customer base.

2). Environmental Sustainability to reduce pollution, combat climate change and improve resilience to resources scarcity.

C). Resource efficiency that reduces dependence on finite resources by reusing materials.

In order to actualise these goals, the country needs to plug into the abundant potentials at the annual meeting to get over the bumps of;

1). Rapid growth in population.

2). Unplanned urbanization.

3). Changes in consumption patterns.

4). Inadequate waste management systems and structures.

5). Poor funding.

6). Lack of credible data.

As can be deduced from the foregoing, effective integration with the abundance of resources at WEF will create expansion and development in Extended Producer Responsibilities EPR, plastic waste management and collaboration using the instrumentalities of solar power, domestic gas, manufacturing, pro poor spending.

Additionally, investors from the WEF are needed to drive the Nigerian Economic Sustainability Plans and the Energy Transition Plan ETP. Both plans are designed to stimulate the economy, reduce poverty and address climate change.

Leveraging human and financial mechanisms at the WEF will boost Nigeria’s economic sustainability plan and will help stimulate the economy, create jobs and protect vulnerable people.

On the other hand, drawing from WEF sustainable resources will enhance energy transition plan and will tackle energy poverty and climate change through net zero emissions, tackling of climate change and job management.

( for more conversation follow me on Twitter X @iyamuclimatech1 and Instagram iyamuclimatechange). You can send your views to capitaltimesnews.com iyamukenneth65@gmail.com or WhatsApp messages only to 07057447442