The Raw Materials Research and Development Council, RMRDC, says it is targeting the creation of 1.2 million jobs through a policy that will require at least 30 percent value addition to Nigerian raw materials before export.
The Director General of the RMRDC, Professor Nnanyelugo Ike Muonso, said the initiative is designed to move Nigeria away from exporting raw materials in their unprocessed form and towards domestic manufacturing and industrialisation.
He said the proposed 30 percent value addition requirement would encourage investors to establish processing facilities in Nigeria, increase demand for locally sourced materials and attract more investment into the manufacturing sector.
According to the RMRDC, the policy is also expected to conserve foreign exchange by reducing Nigeria’s dependence on imported products that can be produced locally. The Council said greater processing of agricultural and mineral resources could create employment while strengthening local industries.
The proposed amendment to the RMRDC Act seeks to make the minimum 30 percent value addition mandatory before Nigerian raw materials are exported. The Council says the bill has passed legislative stages and is awaiting presidential assent.
RMRDC said the initiative forms part of broader efforts to promote industrialisation, develop local supply chains and increase the contribution of raw materials to Nigeria’s economic growth.
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