The Bill seeking to amend the Raw Materials Research and Development Council (RMRDC) Act 2022 was given overwhelming support by stakeholders in Abuja on Wednesday, during a public hearing organised by the Senate Committee on Science and Technology.
The Bill, conceptualized by the Raw Materials Research and Development Council (RMRDC) and sponsored by Senator Peter Onyekachi Nwebonyi, is aimed at processing raw materials in Nigeria before exporting them.
In their separate presentations, stakeholders like the Ministry of Solid Minerals, Standard Organization of Nigeria (SON), Manufacturers Association of Nigeria (MAN), among others, threw their weights behind the expeditious consideration and passage of the bill.
Representatives of the stakeholders described the intention of the amendment of the bill as a required catalyst to turn around the fortune of the country from exporting jobs and wealth abroad to generating them here.
Specifically, the Director-General of the Raw Materials Research and Development Council, Professor Nnanyelugo Ike Muonso, said the final consideration and passage of the bill will stop exportation of wealth and jobs to foreign countries by Nigeria through processing of raw materials before exporting them.
“Today is my happiest day with the 100% support the amendment bill got from the various stakeholders,” he said.
In his closing remarks, the Chairman of the Committee , Senator Iya Abbas, said since there was no opposing views to the proposed amendment bill, the committee will accordingly submit its report to the Senate soonest for final consideration and passage.
Recall that, in the February 2025, the Director General of Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo M. Ike-Muonso, in his monthly message to staff of the Council stated that the amendment to the RMRDC Act 2022 will grant the Council the mandate to enforce compliance with provisions of the proposed Bill which seeks to prohibit the export of raw materials in the virgin form without at least 30% value addition.
The Bill, when passed into law, is seen by many industry watchers and experts as a crucial step towards Nigeria’s industrialization and sustainable economic growth.
The Bill, sponsored by Distinguished Senator Nwebonyi Peter Onyekachi, representing Ebonyi North Senatorial District, was first presented to the National Assembly where it passed first reading on Tuesday, October 15, 2024, and second reading on Tuesday, December 10, 2024. The Bill seeks to amend the RMRDC Act 2022 to prioritize domestic production and local manufacturing.
By mandating at least 30% value addition to raw materials locally before export, Nigeria can drastically reduce its dependence on imported goods, create employment opportunities for its teeming youths, boost the value of the Naira, and stimulate sustainable economic growth.