Senators at plenary yesterday, unanimously passed a bill to mandate local processing of at least 30 per cent of raw materials in the country before exportation.
The bill aims to amend the Raw Materials Research and Development Council Act, 2022, and introduce provisions for local processing and production protection.
It was sponsored by Senator Peter Nwebonyi (APC Ebonyi North). Nwebonyi, while leading debate on the bill at Tuesday’s plenary, argued that mandating local processing would boost local manufacturing industries, create jobs for Nigerians, reduce dependence on imports and the demand for foreign exchange.
He said: “Promoting local processing to a minimum of 30 percent or more will add value to our economy, particularly to our Naira. It will also encourage innovation within our local industries, leading to a significant increase in domestic production.”
Nwebonyi added that the bill, if enacted, would shield Nigerian manufacturers from foreign competition by regulating the importation of raw materials that could be processed locally, fostering a favourable environment for domestic industries to thrive.
