By Adaora Adibe
A coalition of industry leaders, economists, farmers, institutions, and trade experts has called on lawmakers to expedite the passage of the 30% Value Addition Bill, of the Raw Materials Research and Development Council ( RMRDC), emphasizing its potential to boost local manufacturing, enhance economic growth, and create jobs for the teaming Nigeria population.
At a public hearing held on Wednesday 5th March 2025 by the Senate Committee on Science and Technology, seeking to amend the Raw Materials Research and Development Council Act, 2022(Amended) Bill 2024(SB 606) to ensure at least 30 % Value Addition to raw materials before they are exported.
Participants from various sectors, including manufacturing, mining, and agriculture etc, voiced strong support for the bill. The proposed legislation mandates that at least raw materials extracted or produced within the country must undergo 30% local processing before export.
Speaking at the hearing, the President of the Senate distinguished Senator Godwin Akpabio, who was represented by the deputy chief whip Sen. Peter Nwebonyi , who is also the sponsor of the bill, stated that the bill is a game changer as it seek to enshrine fundamental economic truth that no Nation can attain economic greatness by exporting all it wealth in crude form.
You Might AlsoLike
“We are here today not mainly as law makers , policy makers or industry experts but as custodians of Nigeria’s economic destiny, as decisions taking here today determines our economic future”, Senator Akpabio noted.
He urge stakeholders to remember this day as a day they choose to walk in the path of progress over complacency. He observed that if the bill is passed it shall be a foundation upon Nigeria’s economic triumph as a Nation.
The host, Chairman Senate Committee on Science and Technology, Distinguished Senator Aminu Iya Abbas earlier in his welcome address, said the essence of the public hearing is to listen to various opinions and then amend the bill to make it workable for Nigerians and for Nigeria’s economic growth .
According to Senator Abbas “ we seek to amend the requirements for the processing of raw materials in Nigeria before been exported . This will boost the economy and make Nigeria’s economic Ecosystems viable, and create employment”.
Senator Abbas called the house to order for different stakeholders to speak on the memoranda they submitted concerning the passing of the bill which is to be listened to , and deliberated upon to achieve the Bill passage.
The event had many participants from the raw materials sectors in attendance. The representatives from the private sector expressed optimism, arguing that the bill would incentivize investments in local industries.
The president of the Academic Staff Union of Research Institute (ASURI), Dr. Ndubuaku noted, that with proper implementation, this policy will attract foreign direct investment, encourage technology transfer, and position Nigeria as key player in global supply chains.
The Ginger Association of Nigeria, also praised the Bill and said they are hopeful that it will change the economic narrative of Nigeria. They further commended the DG RMRDC, Prof. Nnanyelugo Ike-Muonso for doing a great work.
Also the Medium Small and Micro Economic Forum said the bill is very patriotic and a good initiative, many other organizations also applauded the bill with strong optimism that it will make Nigeria economy better amongst many others too numerous to mention contributed by praising the bill while urging lawmakers to expedite the passage of the 30% Value Addition Bill, for its great potential to boost local industries and economic growth.
However, some stakeholders raised concerns and observations on certain information that is needed to be added to the Bill to ensure it is seamlessly passed.
Lawmakers assured attendees that all concerns would be considered before the Bill moves to the next legislative stage, noting that by the time the Bill is finished it will be for the good of Nigeria and not RMRDC alone.
