Nigeria has sent out a strong notice to those exporting its vast minerals resources directly to foreign markets thereby enriching the foreign markets and exporters at the expense of Nigerians, warning that the practice must stop. The Minister of Innovation, Science and Technology, Dr. Kingsley Udeh, sounded the warning at a National Advocacy and Sensitization Conference hosted by the Raw Materials Research and Development Council in Abuja, where he spoke on a new bill now awaiting presidential assent to give legal backing to the new policy. Under the new direction, investors are mandated to pre-process Nigeria’s minerals up to the tune of 30 percent before they can export them abroad or face penalties stipulated in the bill, which has since been passed by the National Assembly but awaiting assent by President Tinubu.
The minister explained that when the law takes off, no raw material would be exported in its raw form, requiring investors to establish production facilities and process them within the country for export. Dr. Udeh explained that the move would not only add value to Nigeria’s export but would also move Nigeria from import-dependent nation to an exporting country and significantly improve its economy and foreign earning capacity as well as generate jobs for the people. The minister, who was recently appointed by President Bola Ahmed Tinubu, stated clearly that he would give strong leadership to enable the stakeholders in the industry to turn their numerous research findings into concrete products and services to drive the nation’s economy for the overall benefits of Nigerians.
Dr. Udeh said, “My core focus as the minister of Innovation, Science and Technology is to lead the ecosystem to give the needed impetus to energise the players and stakeholders in the industry and give them the needed confidence to make progress.
“I also want to build the confidence of innovators and scientists that Nigerians can be leaders globally by building the framework and the system needed to advance and sustain our leadership and technology,” the minister said. The Director-General and Chief Executive Officer of the RMRDC, Prof. Nnanyelugo Ike-Muonso, explained that the 30 percent Value-addition Bill was designed to reverse the current trend of exporting raw material and compel investment in local processing and generate sustainable, high-value employment across the country. Prof Ike-Muonso said the goal of the new policy was to compel both local and foreign trade partners to invest in setting up processing and manufacturing facilities in Nigeria for their production and improve productivity and employment generation in the process.
Process Nigeria’s raw material for export or forget it—FG
