By Oluwaseyi Otitoju & Najib Suleiman
As part of its ongoing efforts to enhance transparency, value addition, and global competitiveness of Nigeria’s raw materials, the Director General of the Raw Materials Research and Development Council, RMRDC, professor Nnanyelugo Ike-Muonso held a strategic meeting with Verse X Global, a technological firm on the introduction of blockchain-based certification for Nigerian raw materials.
Verse X Global, represented by Mr. O.U. Agu, Mr. Ndimeto Joseph, and Mrs. Stella Andre, presented a comprehensive outline of how blockchain technology can be used to certify raw materials. The proposed certification will enable full traceability of the raw materials, enhance conformity to global standards, and certify the authenticity of raw materials through QR-coded digital certificates backed by laboratory inspections and verifications. His presentation drew attention to critical challenges currently being experienced on the global market with regards to Nigerian raw materials due to the absence of certification mechanisms. He also noted that Nigeria, as an exporting country, often sells unprocessed and uncertified raw materials at a fraction of their real market value. Reference was made to global value chains, such as cocoa, where Nigeria earns a mere $2 billion from a global market worth over $100 billion, largely due to a lack of structured certification and value addition.
Responding, the Director General of RMRDC, Prof. N. Ike-Muonso, welcomed the delegation from Verse X Global, was optimistic about the fact that the blockchain certification of the nation’s raw materials will be a game changer for the global acceptance of Nigerian raw materials. He acknowledged the immense potential of blockchain-based certification and stated, “Having Nigerian raw materials duly certified using the blockchain certification proposed by Verse X Global will ensure that we are able to deliver top notch certifications for Nigerian raw materials that do not conflict with global standards.”
The Director of the Planning, Statistics and Policy Department (PSPD), Mrs. R. Kotso, the Director of agricultural and Agro-Allied Department (AAD) Dr. Sab Eberiekwe, the Director of the Chemical and Pharmaceutical Department (CPD), the Director of the Investment promotions and Consultancy services department (IPCSD), Mr. Adamu Y. Mohammed and the Director of the Minerals and Materials Development Department (MMDD) Engr. Anthony Okereke were of the opinion that deploying blockchain technology to trace, certify and verify Nigerian raw materials will ensure a much better compliance to efforts directed at adding value to Nigeria’s raw materials especially in the global market that’s increasingly demanding transparency and digital conformity. Its full implementation is imperative, will involve the adequate and proper training of the Council’s staff to meet the responsibilities they will have to attend to ensure that the certification process becomes an integral part of the Council.
The meeting which is considered as the preliminary meeting will be followed by a subsequent meeting that will clarify the varying roles and the rules of engagement between the Council and Verse X.
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