By: George Ozalla
A public hearing held yesterday at the Senate Wing of the National Assembly Complex in Abuja saw various key stakeholders solidly stand behind a bill to amend the Raw Materials Research and Development Council (RMRDC) Act 2022. The bill, conceptualized by the RMRDC and sponsored by Senator Peter Onyekachi Nwebonyi, aims to process raw materials within Nigeria before exporting them.
The stakeholders, including the Ministry of Solid Minerals, Standards Organization of Nigeria (SON), Manufacturers Association of Nigeria (MAN), Academic Staff Union of Research Institutions (ASURI), and partner Civil Society Organisations (CSOs) and others, unanimously supported the bill and consequently appealed for its speedy consideration and passage. They unanimously described the purpose of the amendment bill as a required catalyst to revamp the fortune of the country from mass-exporting jobs and wealth abroad to generating them locally.
According to the Director General of Raw Materials Research and Development Council, Professor Nnanyelugo Ike Muonso, the final consideration and passage of the bill would definitely halt the exportation of wealth and jobs abroad by Nigeria through processing of rich raw materials available in abundance before exporting them.
The Chairman of the Committee, Senator Iya Abbas, said that since there were no opposing views to the proposed amendment bill, the Committee would promptly submit its report to the Senate for final consideration and eventual passage.
Obviously elated, Secretary General of Academic Staff Union of Research Institutions (ASURI), Professor Theophilus Ndubuaku, shared his thoughts with newsmen shortly after the event:
“You can understand why we are so excited. This bill can be assented to, and you will see jobs being created because those who come here to carry our raw materials will now be forced to bring in foreign direct investment to invest and achieve 30% value addition.
When they bring in these investments, jobs will be created. We know that problems like banditry are often about unemployment – people graduate, but there are no jobs. So, if we can achieve this, it’s a welcome development.
The raw materials coming out of this country are enormous. We see some of them, but there are millions of tons of solid minerals and products going out of this country unprocessed, without any value addition.
So, we are talking about foreign exchange earnings, poverty alleviation, and wealth creation for individuals and the country. I think it’s a landmark achievement. We should be celebrating today and marking this day as a turning point in this country’s development.
Because we are getting to the root of the matter – the exploitation of our raw materials will now be brought to a level where we will make good use of what everybody has contributed. And I assure you, from 30%, we will surely move to 50%. Once they establish these industries, upgrading to 50% value addition won’t be a problem.”
The RMRDC bill, which has scaled second reading on December 10, 2024, when passed into law, would ensure local processing of at least 30% raw materials before export. This laudable initiative is expected to boost local manufacturing, create jobs, minimize the nation’s reliance on imports, boost foreign exchange earning, and decrease pressure on foreign exchange reserves.
