A draft legislative bill seeking to protect Nigeria’s raw materials processing and local production has passed the the first reading at the Senate.
A statement by Director, Corporate Affairs of Raw Materials Research and Development Council (RMRDC), Mr. Chuks Ngaha, noted that the bill if passed into law will chart the pathway to industrial growth and development in Nigeria, the statement said.
The draft legislative bill, sponsored by Senator Peter Nwebonyi (Ebonyi North), seeks to fortify Nigeria’s local manufacturing sector, 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.
It also seeks to promote domestic processing while ensuring that no raw materials are exported from Nigeria without undergoing a minimum of 30% processing, thereby fostering value addition within the country.
On protection of local industries, the legislative bill seeks to prohibit the importation of raw materials that are available for local production, safeguard local manufacturers from unfair competition and encourage the growth of the domestic industry.
