The Academic Staff Union of Research Institutions (ASURI) and the National Association for Small Scale Industrialists (NASI) have rallied in strong support of a proposed amendment to the Raw Materials Research and Development Council (RMRDC) Act.
The amendment, currently before the National Assembly, seeks to mandate a 30% value addition to all raw materials exported from Nigeria, a move aimed at boosting industrial growth and economic sustainability.
Economic Benefits of the Amendment
Speaking at the rally, Professor Theophilus Ndubuaku, Secretary-General of ASURI, emphasized that the amendment would stimulate industrialization, create jobs, and attract foreign direct investment.
“This amendment will transform Nigeria’s economy. By requiring value addition, we will reduce dependence on imported finished goods, increase employment, and strengthen local industries,” Ndubuaku stated.
He noted that developed nations like China have long adopted similar policies, which have significantly boosted their industrial sectors.
The bill has successfully passed its first and second readings in the National Assembly and is now advancing to the public hearing stage. ASURI and NASI urged lawmakers to expedite its passage, stressing that small-scale industries would play a crucial role in implementing value addition processes.
Stakeholders Express Unanimous Support
At the public hearing held on Wednesday, the bill received overwhelming backing from key stakeholders, including: Ministry of Solid Minerals; Standards Organization of Nigeria (SON); Manufacturers Association of Nigeria (MAN).
Stakeholders described the amendment as a game-changer, shifting Nigeria’s economy from exporting jobs and wealth abroad to generating them domestically.
Professor Nnanyelugo Ike Muonso, Director-General of RMRDC, hailed the bill’s broad support, stating:
He said, “Today is my happiest day, seeing 100% backing for this amendment. It will stop the massive exportation of our wealth and jobs by ensuring local processing before export.”
Final Steps Toward Passage
The bill, conceptualized by RMRDC and sponsored by Senator Peter Onyekachi Nwebonyi, seeks to institutionalize local processing of raw materials before export.
Chairman of the Senate Committee on the amendment, Senator Iya Abbas, confirmed that with no opposition to the bill, the committee would submit its report to the Senate for final consideration and passage in the coming days.
With stakeholders united in support, the amendment is poised to reshape Nigeria’s industrial sector, promote economic growth, and drive sustainable development.
