By Yinka Kolawole
The Raw Material Research and Development Council (RMRDC) said it has sponsored a bill, currently before the National Assembly, which makes it compulsory for raw materials being exported from Nigeria to have a minimum of 30 percent value addition.
Director General/Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martins Ike-Muonso, who disclosed this in Lagos during an interactive session with members of the Manufacturers Association of Nigeria (MAN), said the bill has already passed the first reading.
He said: “We are making significant strides in policy reform by sponsoring a transformative bill in the National Assembly.
“This legislation will mandate a minimum of 30 percent value addition to all raw materials before export.
“This bold move will protect our natural resources and catalyze domestic processing capabilities, creating jobs and fostering industrial growth.
“This bill has already gone through the first reading, and we expect it to pass through the next reading, hopefully by next week.”
Ike-Muonso also said that the revival of the Multi-disciplinary Task Force (MTF) for the industrial sector represented a watershed moment in the council’s collective effort to transform Nigeria’s manufacturing landscape.
MTF is a committee made up of chairmen and secretaries of 10 sectoral groups of MAN, experts and RMRDC to provide adequate information on the needs of the Nigerian industrial sector, especially in the area of raw material requirements.
“The MTF’s comprehensive survey and data collection across the 10 sectoral groups of MAN provides the crucial foundation for implementing the 30 percent value addition requirement on raw materials before export.
“MTF will identify areas requiring value addition capability enhancement and provides actionable insights for manufacturers to upgrade their processing capabilities through its detailed mapping of industrial capabilities, processing facilities, and technological gaps.
“The task force’s findings help pinpoint which sectors require targeted support, technological intervention, or capacity building to achieve the 30 percent threshold.
“Furthermore, by documenting current value-addition practices and potential across different industries, MTF will enable RMRDC to develop sector-specific strategies and support mechanisms to help manufacturers meet this new export requirement while enhancing their competitiveness in global markets.
“This systematic approach ensures that the 30 percent value addition policy is not just an aspiration but an achievable target backed by data-driven insights and practical implementation strategies,” Ike-Muonso stated.
In his remarks, Director General of MAN, Mr. Segun Ajayi-Kadir, said: “The session provides an invaluable platform for direct engagement with the RMRDC leadership on improving local sourcing of raw materials for manufacturers,” he added.
Disclaimer
Comments expressed here do not reflect the opinions of Vanguard newspapers or any employee thereof.