Joel Ajayi
The Raw Materials Research and Development Council (RMRDC) has secured the Federal Government’s approval to implement a new tax incentive regime aimed at boosting research and the development of local raw materials in Nigeria.
This was disclosed by the Director-General of RMRDC, Prof. Nnayelugo Ike-Muonso, during media briefing on Friday in Abuja, stated RMRDC would roll out a nationwide sensitization campaign to educate manufacturers, investors, and research institutions on how to access and benefit from the incentives.
According to Prof. Ike-Muonso, the approval marks a significant milestone in the council’s efforts to promote indigenous research and innovation, and reduce Nigeria’s dependence on imported raw materials. He said the incentive scheme is designed to encourage private sector investment in research and development, particularly in sectors critical to Nigeria’s industrialization.
“This tax incentive framework will catalyze innovation by rewarding companies that invest in the development and utilization of local raw materials. It is a strategic step toward achieving sustainable industrial growth and self-reliance,” he said.
The RMRDC boss noted that industries participating in the programme would benefit from tax rebates, deductions, and other fiscal incentives, provided they commit to measurable R&D activities and adopt locally sourced inputs in their production processes.
He added that the council had engaged relevant stakeholders, including the Federal Inland Revenue Service (FIRS), the Ministry of Finance, and private sector players, to ensure smooth implementation and compliance.
“This initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes economic diversification and industrial growth through science, technology, and innovation,” he emphasized.
Prof. Ike-Muonso also revealed that the RMRDC would roll out a nationwide sensitization campaign to educate manufacturers, investors, and research institutions on how to access and benefit from the incentives.
Stakeholders have welcomed the move as a timely intervention that could significantly enhance Nigeria’s capacity to process and add value to its abundant raw materials, drive job creation, and strengthen the nation’s industrial base.
