By Fatima Saka
The Senate President, Senator Godswill Akpabio, has described the Raw Materials Research and Development Council Act (Amendment) Bill, 2024 as a game-changer for Nigeria’s economy.
Stakeholders and lawmakers have agreed that all raw materials sourced in Nigeria must undergo at least 30% processing before being exported.
Speaking at a public hearing on the bill in Abuja on Wednesday, Akpabio emphasized that Nigeria cannot achieve economic greatness by exporting raw materials in their crude form. Instead, he stressed the need to add value before exporting.
He stated, “This bill seeks to make it mandatory that every raw material available in Nigeria must be processed to at least 30% before export. By doing so, we will create jobs, stimulate industrial growth, and ensure economic progress.”
Akpabio, represented by Senator Peter Onyekachi Nwebonyi, the bill’s sponsor, described the legislation as a bold step toward economic transformation.
Stakeholders Rally Behind the Bill
The proposed amendment received overwhelming support from various stakeholders during the public hearing organized by the Senate Committee on Science and Technology.
Professor Nnanyelugo Ike-Muonso, Director-General of the Raw Materials Research and Development Council (RMRDC), hailed the bill as long overdue, arguing that Nigeria can no longer afford to export its resources in their rawest form.
“This initiative is not just for RMRDC but for all ministries, agencies, and citizens of Nigeria. We must stop enriching foreign economies while impoverishing ourselves. This marks the beginning of a new dawn,” he said.
Similarly, Prof. Theophilus Ndubusi, Secretary-General of the Academic Staff Union of Research Institutions (ASURI), described the bill as a turning point.
“When you export raw materials without processing them, you are paying for the labor of another country while neglecting your own economy. This practice must stop,” he emphasized.
A Catalyst for Economic Growth
Stakeholders from key sectors—including the Ministry of Solid Minerals, the Standards Organization of Nigeria (SON), and the Manufacturers Association of Nigeria (MAN)—threw their weight behind the bill, calling for its swift passage.
According to them, the legislation will end the longstanding practice of exporting jobs and wealth abroad while positioning Nigeria as a hub for industrial processing.
Professor Ike-Muonso expressed optimism about the bill’s impact, stating:
“Today is my happiest day, seeing 100% support from stakeholders. The passage of this bill will mark a significant shift in our economic trajectory.”
Next Steps: Senate to Consider Final Approval
In his closing remarks, Senator Iya Abbas, Chairman of the Senate Committee on Science and Technology, noted that since there were no objections to the bill, the committee would soon submit its report to the Senate for final approval and passage.
With broad consensus from lawmakers, industry players, and policymakers, the Raw Materials Research and Development Council Act (Amendment) Bill, 2024, is poised to reshape Nigeria’s economic landscape—ensuring that the nation maximizes its natural wealth before exporting.
