Impact Bond: Waste-to-Wealth Campaign
Also known as: Wecyclers Outcomes Partnership
Stage of development: Implementation
Jurisdiction: NG
Policy sector: Agriculture and environment
Social challenge: Waste management and sustainable employment - Wecyclers, a social enterprise in Nigeria focused on waste collection and recycling, to develop their franchise model for the collection and sorting of plastic waste. This outcomes contract includes social, environmental, and financial targets, which will see Wecyclers collect more than 30,000 tonnes of plastic waste over the next five years, create over 700 jobs in recycling franchises across Nigeria, and improve the incomes of thousands of waste sorters.
Intervention: Plastic waste collection & recycling in Nigeria
Primary SDG goal: 12
Secondary SDG goals: 8,1,10,14
Date outcomes contract signed: 2023-03
Start of service provision: 2023-06
Anticipated end of service provision: 2028-05
Anticipated duration of service provision: 60
Total investment commitment currency: USD
Total investment commitment: 1621395
Maximum potential outcome payment: 2019375 USD
Maximum potential outcome payment (USD): 2019375
Target population: The project is increasing the removal and recycling of plastic waste from the environment through a franchise model which supports sustainable employment in the waste management economy in Nigeria. Social entrepreneurs run the franchises – they engage with local collectors as well as employ balers and sorters. The programme is focused on training and supporting social entrepreneurs in establishing their own franchises. By providing the necessary equipment, Wecyclers can work in underserved communities and create much-needed collection and recycling facilities as well as supporting the local communities with income and employment opportunities.
Targeted number of service users or beneficiaries: 780
Targeted unit type: Individual
Targeted unit description: No. of jobs created in the waste management economy