By Obot Festus
The President of the Senate, Distinguished Senator Godswill Obot Akpabio has described the bill seeking to amend the Raw Materials Research and Development Council (RMRDC) Act 2022 as a game changer in the nation’s economic and industrialization drive. The Senate President stated this at the Public Hearing on the bill to mandate 30% local raw materials processing before export which was held at the National Assembly Complex Abuja on Wednesday, March 5, 2025.
According to the Senate President who was represented by the Senate Deputy Chief Whip, Distinguished Senator Peter Nwebonyi described the proposed Bill as a game changer for Nigeria’s economic development and industrial transformation. “…This bill is a game changer as it seeks to enshrine a fundamental economic truth that no nation can attain economic greatness by exporting its wealth in its crude form without value addition…”, Senator Akpabio stated.
The Senate President emphasized that the proposed amendment bill is a bold move by RMRDC to demonstrate Nigeria’s preparedness to position itself as a global leader in the raw materials sector.
He called on stakeholders to support the bill for the development of our local industries, economic progress and prosperity of the country.
In the same vein, the Chairman Senate Committee on Science and Technology, Senator Iya Abbas commended the sponsor of the bill which he described as pivotal to the economic and industrial revolution of Nigeria. He called on all stakeholders in the raw materials ecosystem to lend their full support for the proposed Bill. He assured that he will work with his colleagues in the National Assembly To give the bill accelerated hearing and passage.
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Speaking at the Public Hearing, the Director General of RMRDC, Prof Nnanyelugo M. Ike-Muonso decried the present situation where the nation’s raw materials are exported in their virgin forms at very low prices and then imported into the country as finished goods at very high prices. He stated that when passed into law and implemented, the country would not only provide jobs for its citizens, it will equally improve the country’s foreign exchange earnings.
The public hearing on the proposed Bill comes after the Bill has passed through both first and second readings on the floor of the National Assembly.
