Joel Ajayi
In a strategic move to enhance economic growth and elevate its global standing, the Federal Government has reaffirmed its commitment to raise Nigeria’s raw material value addition, from the current 25% to a target of at least 60% for global commercialization.
This commitment was underscored at the maiden edition of the Raw Materials Research and Development Council RMRDC Presentation and Dialogue Session with Development Partners, the Diplomatic Community, and Business Councils on Wednesday in Abuja which convened stakeholders from various sectors to deliberate Nigeria’s national strategy and explore innovative pathways as well as sustainable plans that will unlock the immense potential of Nigeria’s raw material sector.
Declaring the business session open, the Honorable Minister, Federal Ministry of Innovation, Science, and Technology Chief Uche Geoffrey Nnaji said there is a need to have a Nigeria where local industries thrive, creating jobs and opportunities for millions.
According to him, as you may know, the RMRDC with the support of the African Development Bank , AfDB), is at the cuff of developing a comprehensive 10-year roadmap to achieve a transformational leap in Nigeria’s raw material value addition, from the current 25% to a target of at least 60%. ]
“This ambitious goal is not just a number; it represents a bold vision for Nigeria’s future—where our raw materials are no longer exported in their crude form but processed and enriched to maximize their value before leaving our shores.
“The importance of improving the value of our raw materials before export cannot be overstated. By doing so, we stand to create more jobs, stimulate the growth of domestic manufacturing, and ultimately strengthen the value of the naira. The greater utilization of local raw materials will reduce our dependence on imports and position Nigeria as a critical player in the global raw materials value chain”.
However, we cannot achieve these milestones alone. We are here today because we need the collective wisdom, expertise, and resources that each of you our valued partners bring to the table.
“The RMRDC’s 10-year roadmap outlines key strategic interventions, and this event serves as an invitation to each of you to collaborate with us on critical fronts, which include, Building Critical Capacity in Circularity and Repurposing Developing Relevant Databases and Management Information Systems
“Others include Upgrading Raw Material Testing Laboratories and Associated Technology/Machine Development Workshops”,
The Minister expressed that the need for collaboration and investment in these critical areas is urgent.
“As the President highlighted during his keynote address at the 79th Session of the United Nations General Assembly, Africa’s wealth in natural resources should no longer be at the mercy of foreign markets, where we are forced to repurchase our raw materials in their finished forms at exorbitant prices. This is why this session is crucial the future of Nigeria’s economic stability and prosperity hinges upon the partnerships we forge today.
“Nigeria’s raw materials sector holds vast potential not just for the growth of our economy but for creating a resilient, self-sustaining industrial base that benefits all Nigerians. Achieving our target of 60% value addition will create a more competitive Nigeria globally and lay the foundation for widespread economic empowerment and poverty reduction”.
He then, urged development partners, members of the diplomatic community, business councils, and financial institutions to consider it not only desirable but also expedient to collaborate with the RMRDC in these transformative efforts.
In her welcome address, the permanent secretary of the Ministry, Esuabana Nko Asanye said the 10-year road map for raw material in the country in line with the vision of President Bola Ahmed Tinubu if achieved will bring self-reliance and economic development.
She solicited the support of all stakeholders to lend a hand in collaboration to grow the raw material sector for commercialization.
On his own, the Manager, of Natural Resources Management and Investment Centre African Development Bank Group, Fred Kabanda reaffirmed AFDB’s commitment to work with RMRDC in developing a comprehensive program aimed at repositioning the raw materials sector in Nigeria for real and green growth.
He said: The only way one can try to rationalize the action by countries to remain at the low value-added trade in commodities rather than invest in manufacturing value added to their natural capital to derive higher revenues from its natural capital, is through the concepts of discount rates.
In his Keynote address, the Country Director of DAI, Dr. Joe Abah, highlighted the critical role that better management of raw materials can play in accelerating Nigeria’s economic growth in today’s global economy.
“The strategic development, management, and conversion of our raw materials into finished products is crucial if Nigeria is to unlock its vast potential and secure sustainable prosperity for its citizens”.
He urged stakeholders to picture a future where Nigeria’s raw materials form the backbone of a dynamic, resilient, and sustainable economy.
In his address, Director General/CEO of RMRDC Prof. Nnanyelugo Martins Ike-Muonso expressed that, the council is laying a solid foundation through numerous innovations that will further enhance growth in the country.
