By: Stella Azi
The Director-General and CEO, Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Martins Ike -Muonso, has reaffirmed his administration’s commitment to fostering a robust and sustainable raw materials sector to bolster industrial growth in Nigeria through promoting raw materials value addition.
Speaking in an interview on Arise TV on Saturday 5th April, 2025, the DG emphasized the importance of passing the Raw Materials Value Addition Bill, which is currently before the National Assembly is to ensure that Nigerians reap more benefits from their natural resources.
He noted that the Bill aims to achieve two critical objectives: first, it mandates a 30 percent value addition on any raw materials exported from Nigeria, and second, it prohibits the importation of raw materials that the country has in sufficient abundance into the Nigerian space.
He pointed out the significance of the legislative initiative to include enhanced local production capabilities, create jobs, stimulate economic growth, conserve foreign exchange, increase national GDP and stabilize the Naira.
You Might AlsoLike
The Bill which successfully scaled through its first and second reading, earned strong stakeholders’ support during the public hearing organized by the National Assembly in March, 2025, including that of the Senate President, Senator Godswill Akpabio, who considers it a “game-changer” for Nigeria’s economic development and industrial transformation.
According to Prof. Ike-Muonso, “with the strong stakeholder backing, this bill is poised to drive Nigeria’s economic growth and development, setting the stage for a more prosperous future”.
