The Federal Government is concerned that Nigeria is losing money through excessive unprocessed raw material exports, considering that its GDP in 2024 averaged N19.83tn.
In 2025, it mulls a value-addition law that will help to plug the leakages and increase real output to N23.2tn and beyond, ARINZE NWAFOR writes.
The Federal Government is eyeing a 17 per cent year-on-year growth in real output, targeting an increase in real Gross Domestic Product to N23.2tn by implementing a new bill mandating 30 per cent value addition to raw materials before export.
In a phone interview with The PUNCH, the Director-General and Chief Executive Officer of the Raw Materials Research and Development Council, Nnayelugo Ike-Muonso, noted that the Federal Government is banking on increased domestic production and reduced raw exports to drive economic expansion.
He said, “We have a quick estimate from a helicopter model we constructed. What we have done, using some experts when we started this bill, was that the economy would grow, real output, by more than 17 per cent on a year-on-year basis.”
