Nigeria is edging closer to a new era of industrial transformation as the Raw Materials Research and Development Council (RMRDC)’s 30% Value Addition Bill passes its third reading in the House of Representatives and now heads to the desk of President Bola Ahmed Tinubu for assent, reports ITREALMS.
Director-General of RMRDC, Prof. Nnanyelugo Ike-Muonso, described the bill as a “critical piece of legislation that will unlock Nigeria’s industrial potential, stimulate innovation, and generate sustainable employment.”
He commended the National Assembly and relevant stakeholders for their commitment to repositioning the raw materials sector as a key driver of inclusive growth and national prosperity.
According to the RMRDC, the bill’s implementation will drive industrialization and job creation by encouraging local processing and manufacturing.
According to the RMRDC, the bill’s implementation will drive industrialization and job creation by encouraging local processing and manufacturing.
It will also conserve foreign exchange through reduced import dependency, enhance Nigeria’s Gross Domestic Product by expanding domestic production capacity, and improve the competitiveness of Nigerian products in regional and global markets.
With presidential assent imminent, the Value Addition Bill could mark a historic milestone in Nigeria’s journey toward self-reliance and sustainable industrial development.
With presidential assent imminent, the Value Addition Bill could mark a historic milestone in Nigeria’s journey toward self-reliance and sustainable industrial development.
Experts believe the legislation will help diversify the economy away from crude exports, foster technology transfer, and build stronger industrial linkages across key sectors including agriculture, solid minerals, and petrochemicals.
However, analysts caution that the success of the law will depend largely on the availability of supporting infrastructure, reliable energy supply, and accessible financing for manufacturers.
However, analysts caution that the success of the law will depend largely on the availability of supporting infrastructure, reliable energy supply, and accessible financing for manufacturers.
They argue that without these enablers, the spirit of the legislation may struggle to translate into tangible industrial growth.
As the nation awaits President Tinubu’s signature, the 30 percent Value Addition Bill stands as a defining step in realizing Nigeria’s long-pursued vision of becoming the industrial hub of Africa, a nation where raw materials are not merely exported, but transformed into wealth, jobs, and technological advancement for its people.
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As the nation awaits President Tinubu’s signature, the 30 percent Value Addition Bill stands as a defining step in realizing Nigeria’s long-pursued vision of becoming the industrial hub of Africa, a nation where raw materials are not merely exported, but transformed into wealth, jobs, and technological advancement for its people.
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