By Stella Azi
The Raw Materials Research and Development Council (RMRDC) Bill on ensuring 30% value addition to local content development received overwhelming support from stakeholders during the Public hearing organized by the Senate Committee on Science and Technology yesterday Wednesday, March 5, 2025, at the National Assembly, Abuja.
The Bill is an amendment of the RMRDC Act 2022, aimed at prioritizing value addition to domestic production and local manufacturing in Nigeria. It proposes that a minimum of 30% value be added to indigenous raw materials before exportation. A momentous move expected to enhance local production capacity, boost economic growth, create job for Nigerians and reduce drastically import dependence.
The Senate President Senator Godswill Akpabio, represented by Senator Onyeka Nwaebonyi, in his opening remark noted that Nigeria is blessed with abundant natural resources, which if given adequate attention and properly harnessed, will build a sustainable national economy.
According to him, the bill seems to be a game changer as it seeks to enshrine a fundamental economic truth that no nation can attain economic greatness by exporting its wealth in its crude form without value addition. “Let history remember this day as a day we choose to walk in the path of progress over complacency. This bill, if passed, will be a foundation upon our economic triumph as a nation”, he said.
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The Director General RMRDC Prof. Nnanyelugo Ike-muonso who noted that Nigeria have depended so long on importation of raw materials for local manufacturing; resources which abound in the nation, stressed that the practice should not be allowed to continue, as it deprives the Nigeria nation of resources to build a strong and vibrant economic base. He made it clear that it is imperative to note that we stand at the threshold of destiny, where the choices we make will forever shape the course of history.
Prof. Ike-Muonso ended his brief remark with a strong charge that it is our collective responsibility to choose a path that will unleash the full potentials of Nigeria and secure a brighter future for generations to come. “Do we continue on the trajectory of economic servitude or do we take bold and decisive steps towards reclaiming our industrial sovereignty?” he appealed.
The hearing attracted lawmakers, stakeholders from both the public and private sector, manufacturers, civil society groups, Farmer Associations, Researchers and members of the public, who together provided significant insight to why the bill should be passed.
The Bill which had successfully scaled first and second reading at the National Assembly last year, 2024, is also expected to regulate the importation of raw materials that could be processed locally, thereby boost competitiveness and create a favourable environment for local industries to grow.
