President of the Senate, Godswill Akpabio, has said Nigeria is poised to lead Africa in raw materials export by prioritizing value addition, following the passage of the Raw Materials Research and Development Council (RMRDC) Amendment Bill.
Akpabio made this known on Wednesday while receiving the Director-General of the RMRDC, Professor Nnanyelugo Martin Ike-Muonso, and his delegation during a courtesy visit to the National Assembly.
According to a statement by his Special Assistant on Media, Jackson Udom, the Senate President described the bill as a “moral compass” for other African nations. He noted that once the bill is signed into law by President Bola Tinubu, it would significantly transform Nigeria’s industrial landscape by boosting local production, creating jobs, and encouraging innovation.
“If value had been added to the raw materials we export, we would have had factories built around those value chains, which would in turn provide employment beyond farming,” Akpabio said. “Technological advancement and innovation would have naturally followed.”
He expressed concern over Nigeria’s continued export of raw commodities without processing, citing cocoa as an example. “We produce cocoa here, but we still import finished cocoa products at higher costs and without contributing anything to their value chain,” he lamented.
Akpabio praised Deputy Senate Whip, Senator Onyekachi Nwebonyi, for sponsoring the bill, and called for urgent reforms in the solid minerals sector, which he described as being in a “pathetic” state due to lack of value addition.
“Our raw minerals are sold cheaply without processing, which contributes to underdevelopment across Africa. Poverty continues to worsen not because of lack of resources, but because of ignorance,” he stated.
The Senate President urged the Council to intensify public enlightenment and training, particularly targeting Nigerian youths, to drive awareness about the benefits of local value addition.
“With this bill, Nigeria is taking a bold step to ensure that no raw material leaves this country without at least 30 percent value addition,” he said.
Earlier, the Director-General of the Council, Professor Ike-Muonso, thanked the Senate President for his support and acknowledged the Senate’s efforts in advancing reforms.
“We are particularly excited about this amendment bill because it will prevent the export of raw materials without a minimum of 30 percent value addition,” he said. “This is Nigeria’s—and Africa’s—number one bill for economic transformation.”
He also extended an invitation to Akpabio to attend the forthcoming Africa Raw Materials Summit.
A story of courage, wonder, and the transformative power of self-belief; perfect for readers aged 10+ who love adventure. To place order: +234 806 130 3237 | +234 803 582 0870 OR Tap the link to grab a copy:https://www.zeekapublish.com/product/the-magical-life-of-anna
