Benefits of remanufacturing the economy as a transition into a green economy

Remanufacturing is the restoration of end of life products to almost new. It is a form of sustainability. The research set out to identify the benefits of remanufacturing to the Nigerian economy which could aid with the transition to green economy. A questionnaire survey was used to establish the benefits of remanufacturing to the Nigerian economy. Data analysis involving mean item score revealed development of an Industrial base, industrialisation to rural areas, boosting of export trade, conservation of natural resources are seen as important benefits of remanufacturing to the Nigerian economy. Factor analysis made known four clusters titled in the order of importance as benefits of remanufacturing environmentally, benefits of remanufacturing to trade, benefits of remanufacturing socially, benefits of remanufacturing to entrepreneurs as this clusters signify the benefits of remanufacturing to the Nigerian economy. Further discussed is the implication of the findings, firstly is the development of an industrial base, which will benefit Nigeria, as Nigeria is an under-industrialised nation. Furthermore, the entrenchment of the development of an industrial base would lead to a boosting of export trade in the form of exporting capital equipment to other countries as well as an inflow of foreign exchange. Lastly revealed is the industrialisation to the rural areas, which will stop the social scourge of rural and urban migration.