By Festus Obot
The National Assembly is set to hold a public hearing on a proposed Bill to amend the RMRDC Act 2022. The planned public hearing is scheduled for Tuesday, February 25, 2025 at the National Assembly Complex, Abuja.
The Director General of Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo M. Ike-Muonso stated this in the February 2025 edition of his monthly message to staff of the Council. According to Prof. Ike-Muonso, the amendment to the RMRDC Act 2022 will grant the Council the mandate to enforce compliance with provisions of the proposed Bill which seeks to prohibit the export of raw materials in the virgin form without at least 30% value addition. The Bill when passed into law is seen by many industry watchers and experts as a crucial step towards Nigeria’s industrialization and sustainable economic growth.
The Bill sponsored by Distinguished Senator Nwebonyi Peter Onyekachi representing Ebonyi North Senatorial District, was first presented to the National Assembly where it passed first reading on Tuesday October 15 2024 and second reading on Tuesday December 10, 2024.
By mandating at least 30% value addition to raw materials locally before export, Nigeria can drastically reduce its dependence on imported goods, create employment opportunities for its teeming youths, boost the value of the Naira and stimulate sustainable economic growth.
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The Bill is designed to prioritize domestic production and substantially boost Nigeria’s local manufacturing capabilities.
