The Federal Government has launched a 10 years roadmap aimed at achieving a 60 per cent increase in value addition for Nigeria’s raw materials sector.
Minister of Innovation Science and Technology (IST), Chief Uche Nnaji disclosed this in Abuja on Wednesday at the Program Presentation and Dialogue Session with Development Partners, the Diplomatic Community, and Business Councils organised by the Raw Materials Research and Development Council (RMRDC).
Nnaji emphasized on the importance of the roadmap which was developed with the support of the African Development Bank (AfDB), noting that it represents a bold vision for Nigeria’s future—where her raw materials are no longer exported in crude form but processed and enriched to maximise their value before leaving the shores of the country, but also moving it up from its current 25 percent to 60 percent.
According to the Minister, “improved raw material processing in Nigeria would not only create jobs, stimulate domestic manufacturing, and strengthen the naira, but increase the country’s competitive advantage in the league of nations, increase use of local raw materials and reduced dependency on imports and creating an avenue for economic empowerment and poverty reduction.”
The Minister urged the RMRDC to collaborate with partners to transform Nigeria into a nation where raw materials serves as the engine of growth and sustainability.
“A Nigeria where local industries thrive, creating jobs and opportunities for millions,” he said.
The Director General of RMRDC, Prof Nnanyelugo Ike-Muonso in his presentation of the roadmap emphasised the importance of data, technology, research, and development in driving value addition.
He revealed the council’s intention to establish centers of expertise to focus on secondary raw materials derived from waste, reduce the country’s overall waste output and contribute to a circular economy.
“Raw materials without local processing perpetuates Africa’s underdevelopment. The extraction of raw materials without local processing only deepens Africa’s underdevelopment,” he said.
Manager of the Natural Resources Management and Investment Centre at AfDB, Fred Kabanda, during the panel session highlighted the importance of sustainable exploitation and utilization of Nigeria’s natural resources for sustainable economic transformation.
Kabanda noted Nigeria is the wealthiest African country in non-renewable resources, valued at $582.4 billion among other African nations which accounts for over 30 per cent of global annual production of key minerals such as platinum, cobalt, manganese, diamonds, and gold.
He however, explained that African economies in the face of these abundance still remain among the least developed globally due to overreliance on commodity exports with limited value addition.
“Value addition to raw materials could help African countries, including Nigeria, retain jobs, grow tax revenues, and reduce carbon footprints,” he stressed.
Kabanda urged Nigeria to take the lead in positioning itself at the forefront of climate innovations that drive inclusive growth by collaborating with other other partners in taking her position in the league of countries with abundant natural resources.
Permanent secretary of the Ministry of IST, Mrs. Esuabana Asanye reiterated the importance of efficiently harnessing Nigeria’s raw materials to reduce import dependency and foster industrial growth.
Asanye cited the World Bank’s report that Nigeria’s manufacturing sector accounts for less than 10 per cent of the country’s GDP noted that localising raw material processing would strengthen the country’s resilient and position it for sustainable growth.
He noted that increasing local processing of raw materials could push this figure higher, creating jobs and boosting foreign exchange earnings.
The RMRDC’s 10-year roadmap is a strategic effort to position Nigeria as a leader in raw material value addition, aiming to enhance productivity, create jobs, and ensure long-term economic stability. The success of this initiative hinges on partnerships, investments and a shared commitment to industrial growth and sustainability.
