The Raw Material Research and Development Council (RMRDC) has introduced a transformative bill aimed at strengthening Nigeria’s raw material export policies.
The proposed legislation, which has passed its first reading in the National Assembly, seeks to mandate a minimum of 30% value addition to all raw materials before export. This policy is designed to enhance domestic processing capabilities, create jobs, and support industrial growth.
Announcing the bill in Lagos during a session with the Manufacturers Association of Nigeria (MAN), RMRDC’s Director-General, Prof. Nnanyelugo Martins Ike-Muonso, highlighted the bill’s potential to protect Nigeria’s resources and stimulate manufacturing activities. He expects the bill to progress to its second reading in the coming week.
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The RMRDC also announced the revival of the Multi-disciplinary Task Force (MTF) for the industrial sector, a collaboration involving MAN’s sectoral groups and industry experts. The MTF aims to gather and analyze data on raw material needs and existing industrial capabilities across sectors. This data will guide manufacturers in upgrading their processing facilities to meet the new 30% value addition threshold.
Ike-Muonso noted that the MTF’s efforts will provide valuable insights for targeting support, enhancing technology, and building capacity, ensuring that the 30% value-addition policy is both realistic and impactful. Director-General of MAN, Mr. Segun Ajayi-Kadir, welcomed the initiative, underscoring its importance in strengthening local sourcing of raw materials for Nigerian manufacturers.
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