By: Stella Azi
The Raw Materials 30% Value Addition Bill has again scaled the final reading concurrence, at the House of Representative in Nigeria, the country is therefore at the cusp of breakthrough that will spur it into becoming an industrial hub. No doubt, RMRDC, is on the verge of a major breakthrough.
There is no doubt that Nigeria is becoming the hub of Africa’s industrialization. This is coming through combined political will and unwavering determination of the Members of the 10th National Assembly – Senate and the House of Representatives, Management team of the Raw Materials Research and Development Council (RMRDC), and Stakeholders in the sector. History is beckoning as Nigerians await President Bola Ahmed Tinubu’s final assent and stamp on the Raw Materials Value Addition Bill which makes it a Law.
It is pertinent to recall that Council, since the administration of the visionary and epoch-making Director General and CEO, Prof. Nnanyelugo Ike-Muonso, RMRDC has worked tirelessly to promote the Bill stating that at least 30% value be added in the processing and development of the country’s raw materials before export.
The bill, which aims to promote the value addition of Nigeria’s raw materials, has been a long time coming. Its passage, stakeholders and industry players say, will mark a significant milestone in the country’s efforts to diversify its economy and reduce dependence on imported goods.
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According to the DG, “The Raw Materials Value Addition Bill is a critical piece of legislation that will help unlock the potential of Nigeria’s raw materials sector. Its passage will create jobs, stimulate economic growth, and reduce poverty.” The bill’s benefits are numerous.
By promoting the value addition of raw materials, Nigeria can increase its export earnings, improve its balance of trade, and reduce its reliance on imported goods. The bill will also create opportunities for small and medium-scale enterprises, which are the backbone of the Nigerian economy.
RMRDC’s efforts to promote the bill have been relentless. The Council has engaged stakeholders from across the country, including industry leaders, policymakers, and civil society organizations. Its advocacy efforts have helped raise awareness about the importance of value addition and the need for a legislation that supports it.
With the Bill scaling another the third reading, RMRDC remains optimistic about its passage. With the support of stakeholders and the government, the Council is confident that the bill will become law soon.
The passage of the Raw Materials Value Addition Bill will be a major victory for RMRDC and Nigeria. It will mark a significant step towards the country’s industrialization and economic development. This bill has the potential to transform Nigeria’s economy and improve the lives of its citizens.
