From Charity Nwakaudu, Abuja
The Director General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, stated that the Raw Materials Research and Development Council (RMRDC) Bill seeks to fortify Nigeria’s local manufacturing sector.
Professor Ike-Muonso, in an interactive session with newsmen, added that the bill would also reduce dependency on imports and ensure sustainable economic development through the promotion of local processing and value addition to the nation’s raw materials resources.
He further noted that, when passed, the bill will ensure that no raw materials are exported without undergoing a minimum of 30% processing locally, adding that this significant stride in national raw materials and manufacturing policy reform will provide Nigerians with more forex for raw materials sourcing, protect natural resources, and catalyse domestic processing capabilities in the country.
Recalled that the Raw Materials Research and Development Council (RMRDC) Bill is before the Senate of the National Assembly to ensure local processing of at least 30% raw materials before export scales 2nd reading on Tuesday, December 10, 2024.
The Local Raw Materials Protection draft legislative bill, sponsored by Senator Nwebonyi Onyeka Peter from the Ebonyi North Senatorial District, is imperative for fostering Nigeria’s industrial growth and development through value addition locally. The bill seeks to amend the RMRDC Act 2022 to prioritise domestic production and local manufacturing.
During the plenary session at the Senate sitting, Senator Onyeka argued that the draft bill, when passed into law, would transform the national economy by boosting local manufacturing, create job opportunities, reduce import dependence, and ease pressure on foreign exchange demands.
The senator said that the bill would regulate the importation of raw materials that could have been processed locally, thereby boosting competitiveness and creating a favourable environment for local industries to flourish.
“Promoting local processing to a minimum of 30% or more will add value to our economy, … It will also encourage innovation within local industries, leading to a significant increase in domestic production,” he said.