Nigeria to Change from Exporter of Raw Materials to Processed Goods in Revamped Strategy

The Nigerian government is set to revolutionize its export industry with the proposed amendment to the Raw Materials Research and Development Council Act.

This move aims to add significant value to the country’s raw materials before they are exported, creating new job opportunities and stimulating economic growth.

According to the Senate President, the current practice of exporting raw materials without any value addition is detrimental to the country’s development.

He cited the example of cocoa, where Nigeria, as a major producer, still imports cocoa products at a higher cost due to lack of local processing.

The proposed amendment seeks to address this issue by ensuring that at least 30% of value is added to raw materials before they are exported.

This will not only increase the country’s revenue but also create a multiplier effect on the economy, leading to increased employment and technological innovation.

The Senate President has thrown his weight behind the initiative, praising the sponsor of the bill, Senator Onyekachi Nweboyin, for his foresight.

He also commended the Raw Materials Research and Development Council for its efforts in promoting the development of the country’s raw materials.

To achieve this goal, the Senate President has advised the council to focus on training and sensitizing Nigerians, particularly students, on the importance of recognizing and utilizing raw materials and solid minerals.

This, he believes, will help to create a new generation of entrepreneurs and innovators who can drive the country’s economic growth.

The Director-General of the Raw Materials Research and Development Council, Professor Nnanyelugo Ike-Muonso, has expressed his gratitude to the Senate President for his support, describing the proposed amendment as a game-changer for Nigeria and Africa.

He believes that the passage of the bill will mark a significant turning point in the country’s economic development, enabling it to assume its rightful position as a continental leader in the export of raw materials.