$582bn resources: RMRDC pushes 30% value-addition law

From Charity Nwakaudu, Abuja

The  Raw Materials Research and Development Council (RMRDC) has said Nigeria’s more than $582 billion natural resources could become a major engine of industrialisation and job creation if the proposed 30 per cent Raw Materials Value Addition Bill is signed into law.

Director-General of RMRDC, Prof. Nnanyelugo Ike-Muonso, said the proposed legislation could generate more than 1.2 million skilled jobs within five years, reduce pressure on foreign exchange and strengthen domestic manufacturing.

Ike-Muonso spoke in Abuja at a press conference ahead of the second Africa Raw Materials Summit (ARMS) 2026, scheduled for October 19 and 20.

He said Nigeria’s soil alone holds about $582.4 billion worth of documented non-renewable natural resources, while Africa remains richly endowed with critical minerals, agricultural raw materials and industrial feedstock.

“In Nigeria alone, our soil holds over 582.4 billion US dollars in documented non-renewable natural resources.

“Across Africa’s 54 nations, our endowment of critical transition minerals, agricultural raw materials and industrial feedstock is virtually peerless. “Yet our vulnerability to external commodity price shocks persists, our currencies face avoidable pressure, and our youth seek jobs that our raw commodity export model shifts overseas,” he said.

According to him, the 2026 summit, themed, “From African Feedstock to African Factories,” will bring together policymakers, investors, researchers, industrialists and other stakeholders to examine how African resources can be processed on the continent.

On the proposed value-addition law, Ike-Muonso said: “This legislation serves as the backbone for domestic industrialisation, structured to generate over 1.2 million skilled jobs within five years, save millions in foreign exchange through strategic import substitution, rebuild national foreign reserves and expand manufacturing contribution to GDP.

“We have to refer to this law for us to attain the prosperity we envisage as a nation.”

He also disclosed that RMRDC had finalised a South-South Technology Transfer Partnership with the National Innovation Center for Excellence (NICE), Shanghai, China.

According to him, the partnership would create pathways for commercialising local research and development.

Ike-Muonso also called for stronger integration of African supply chains and greater commitment to a circular economy.

“True industrial longevity, however, cannot rely on primary extraction alone. It demands a dedicated commitment to a modern circular economy. A serious global competitive industrial ecosystem wastes nothing,” he said.

Chairman of the ARMS 2026 Local Organising Committee, Mrs Rachael Kotso, said the summit would seek to change Africa’s traditional model of exporting raw materials without adding value.

Director of Corporate Affairs, RMRDC, Chinyere Nnamdi-Anum, urged the media to support the campaign for greater value addition across the continent.