30% value addition bill to drive industrial growth – RMRDC DG
By Princess-Ekwi Ajide |Ichie Times
The proposed 30 per cent mandatory value addition law is expected to transform Nigeria’s natural resource sector by making local processing a requirement before raw materials are exported.
The Director General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, stated this in Abuja while interacting with journalists ahead of the Africa Raw Materials Summit.
He said the bill, which has undergone amendments proposed by President Bola Tinubu and returned to the National Assembly, is expected to be sent back to the President for assent.
Ike-Muonso expressed optimism that the President would sign the bill into law, describing it as a major instrument for unlocking Nigeria’s industrial potential.
According to him, the proposed legislation would require at least 30 per cent value addition to raw materials before export, ensuring that the extraction of resources contributes directly to domestic industrial development.
The RMRDC has previously described the proposed legislation as a measure aimed at promoting local processing, manufacturing, job creation and reducing dependence on imported raw materials.
Other speakers, including the summit’s Head of Secretariat, Rachael Kotso, and Director, Directorate of Corporate Affairs, Chinyere Nnamdi-Anum, said the summit would bring together policymakers, industry leaders, academics, researchers, manufacturers and entrepreneurs.
They said the summit would examine ways African countries can retain greater value from their natural resources through local processing and industrial development.
