The Raw Material Research and Development Council (RMRDC) said it has sponsored a bill, currently before the National Assembly, which makes it compulsory for raw materials being exported from Nigeria to have a minimum of 30 percent value addition.
Director General/Chief Executive Officer of RMRDC, Nnanyelugo Martins Ike-Muonso, who disclosed this in Lagos during an interactive session with members of the Manufacturers Association of Nigeria (MAN), said the bill has already passed the first reading.
He said: “We are making significant strides in policy reform by sponsoring a transformative bill in the National Assembly.
“This legislation will mandate a minimum of 30 percent value addition to all raw materials before export.
“This bold move will protect our natural resources and catalyze domestic processing capabilities, creating jobs and fostering industrial growth.
“This bill has already gone through the first reading, and we expect it to pass through the next reading, hopefully by next week.”
Ike-Muonso also said that the revival of the Multi-disciplinary Task Force (MTF) for the industrial sector represented a watershed moment in the council’s collective effort to transform Nigeria’s manufacturing landscape.
