Challenges and prospects of Small and Medium Ecopreneurs (SMEcos) in contemporary Nigerian circular economy

Oludele M.  Solaja

doi:10.5937/ror1901001S

Authors

Oludele M. Solaja Olabisi Onabanjo University, Department of Sociology, Ago-Iwoye, Nigeria Author https://orcid.org/0000-0001-8223-1918

DOI:

https://doi.org/10.5937/ror1901001S

Keywords:

challenges, circular economy, development, small and medium ecopreneurship

Abstract

Small and Medium Ecopreneurs (SMEcos) are essential actors of the circular economy system and sustainable development agenda. This is fundamentally true since SMEcos are businesses and individuals who engage in socio-economic activity that is built on the principle of a circular system (reduce, reuse and recycle) which significantly promote sustainable utilization of environmental resources and mitigation of developmental challenges. For this reason, this paper examines the challenges and prospects of small and medium ecopreneurs in Nigeria's Circular Economy. The paper explains the concept of sustainable development, the circular economy as well as ecopreneurship. It also examines the roles of small and medium ecopreneurship (SMEco) in fostering a circular economy. The paper adopts the sustainability theory as the theoretical framework for the study. Extensive research was conducted using current and relevant academic publications and reports. The research design was descriptive with the use of qualitative data gathered through in-depth interviews (IDIs). A total of 15 purposively selected in-depth interviewees were engaged in the study. Responses from the interviewees were analysed using qualitative content analysis or direct quotes. The study found that small and medium ecopreneurship (SMEco) have huge prospects for the development of the circular economy in Nigeria. However, lack of adequate funding, government support, technical skills, modern facilities, as well as the market for eco-products serve as barriers to SMEcos in fostering Nigeria's circular economy. Based on these findings, the study recommends that government and non-governmental organizations should collaborate for the purpose of advancing Nigeria's circular economy.

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