By Moyofoluwa Ogunyemi & Mojeed Adeyemi
The Raw Materials Research and Development Council (RMRDC) has restated commitment to advancing Nigeria’s industrial growth through policies that promote local value addition and reduce dependence on imports. This commitment was made at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2025, organized by LCCI held on Tuesday, August 26th and Wednesday, August 27th, 2025 at the Eko Hotels and Suites, Victoria Island, Lagos.
Representing the DG, RMRDC, Prof. Nnanyelugo Ike-Muonso, the Director, Investment Promotion and Consultancy Services Department, Mr. Muhammad Adamu, highlighted the Council’s flagship initiative, the 30% Value Addition Bill, which has already passed its third reading in the National Assembly. The bill, he explained, would require that all raw materials undergo a minimum of 30% domestic processing before export. According to him, this policy would boost industrial capacity utilization, generate jobs, enhance the competitiveness of Nigerian products, and strengthen foreign exchange earnings.
He further disclosed that the Federal Government had outlined a package of fiscal incentives to support local content and innovation. These include tax credits for R&D expenditures, investment allowances for innovation infrastructure, duty waivers on processing machinery, and tax rebates for manufacturers using locally sourced raw materials. Such measures, he said, were designed to reduce production costs, deepen local content development, and position Nigeria as an attractive destination for investment.
Mr. Adamu stressed that these policies collectively signaled government’s strong commitment to manufacturing and industrialization. He thereafter urged global partners to seize the opportunities in Nigeria’s raw materials sector, emphasizing that collaboration could transform the country into a hub of industrial productivity in Africa.
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Corroborating this, the representative of the presidential committee on fiscal policy and tax reforms, Engr. Oyedele Taiwo stressed the urgency of Nigeria’s reform agenda to boost competitiveness and attract investment. He said tax reforms are guided by pro-people, pro-investment, and pro-development principles, correcting past inequities and creating incentives for start-ups and priority sectors. He cautioned that despite GDP growth, Nigeria’s economy and per capita income have declined in dollar terms, emphasizing the need for reforms that foster sustainable growth, poverty reduction, and Naira stability. While acknowledging the short-term pain, he maintained that reforms are essential to create an enabling business environment and must translate macroeconomic progress into real benefits for citizens and investors.
Also speaking at the event were representatives of Standards Organisation of Nigeria (SON), Nigerian Investment Promotion Commission (NIPC) and National Agency for Food and Drug Administration and Control (NAFDAC), who reaffirmed their agencies’ roles in fostering investment and trade. SON emphasized enforcing quality standards to boost product competitiveness and investor confidence; NIPC highlighted incentives, one-stop facilitation, and Nigeria’s vast market potential to attract both local and foreign investors; while NAFDAC highlighted its regulatory reforms and trade facilitation measures to ensure safety, ease of doing business, and global competitiveness.
