The study was carried out to determine the economic efficiency and the profitability of organizing a small enterprise for the recycling of plastic packaging in Ibadan province, southwest, Nigeria. The techniques included literature review, survey, statistical analysis, and internet of things. Operating data and production data were both qualitatively and quantitatively analyzed. A standard questionnaire was created, and the results of its Alpha Cronchbach's reliability test were satisfactory. The pre-recycling data showed that the cost of collecting and sorting plastics are the most expensive stage of plastic recycling scheme with the annual cost of ₦3, 937, 060 and ₦2,028,505; respectively. The cost of keeping items in storage and transportation per annum were estimated to be ₦800,000 and ₦158,750; respectively. The average cost of a recycled product (finished) per unit point is ₦100, compared to the cost of one kilogram of plastic trash (the raw materials) per point of ₦55, indicating profitability.  Sales and price analytical results indicated there is an upsurge in demand of recycled plastic products. Thus, a smart plastic waste bin was designed to aid in the collection and sorting of plastic waste for domestic and commercial use at an affordable price of ₦106, 000.