The Director-General of the Raw Materials Research and Development Council, Nnanyelugo Ike-Muonso, on Thursday, said the proposed 30 per cent Value Addition Mandate Bill currently before the National Assembly has the potential to increase the country’s Gross Domestic Product by 12 per cent within 12 months of full implementation.
Ike-Muonso made this known during a pre-event press briefing ahead of the Africa Raw Materials Summit 2025 scheduled for May 20–22 in Abuja.
There has been controversy surrounding the bill, which is sponsored by the council, particularly from the Centre for the Promotion of Private Enterprise.
The Centre claims the bill could create significant adverse and unintended consequences for Nigerian exporters and manufacturers if it is passed into law.
Defending the bill, the DG said that beyond seeking to mandate a minimum of 30 per cent local processing of all raw materials before export, it would help in solving a strategic solution to structural issues plaguing Nigeria.
