FG Targets 60% in Value Addition of Nigeria’s Raw Material
The Federal Government (FG) says it is set to achieve a target of 60 percent value addition in raw materials from the current 25 percent.
Uche Nnaji, Minister, of Innovation, Science and Technology (FMIST), said this on Wednesday at a dialogue session organized by Raw Materials Research and Development Council (RMRDC) in Abuja.
The presentation and dialogue session had science and technology stakeholders, strategic donor agencies, and development partners in attendance. Nnaji said that achieving the 60 percent goal represented a bold vision for Nigeria’s future, where raw materials are not exported in their crude form but processed and enriched to maximise value before exportation.
He said that Nigeria’s raw materials sector held vast potential not for the growth of our economy and for creating a resilient, self-sustaining industrial base that benefits all Nigerians. “Achieving our target of 60 per cent value addition will lay the foundation for widespread economic empowerment and poverty reduction.
“ The RMRDC in collaboration with the African Development Bank (AfDB), is developing a comprehensive 10-year roadmap to achieve a transformation in Nigeria’s raw material value addition, from the current 25 per cent to at least 60 percent,’’ he said.
He called on the participants to support amd to develop the critical capacities necessary to usher in a new era of raw material utilization that will define the future of Nigeria’s industrial landscape.
“Your support will quicken our pace to the desired target,’’ he said.
He said that the Federal Government would implement a national strategy on competitiveness in raw materials and products development to boost the competitiveness in raw materials and products development in Nigeria.
The Director-General of RMRDC, Prof Nnanyelugo Ike-Muonso also stated that the council had a renewed drive of becoming a continental leader in the raw materials research and development ecosystem.
Ike-Muonso said that the event was designed to showcase the council’s programmes and projects as well as explore technical funding and other opportunities and support for the RMRDC’s proposed ten-year roadmap.
According to the Director-General, this maiden edition of RMRDC’s programme presentation and dialogue session is the first in the series for our transition to continental leadership of the raw materials ecosystem.
He said that the RMRDC’s 10-year roadmap outlined strategic interventions, including building critical capacity in circularity and repurposing, developing relevant databases, and MIS. He said that other interventions were upgrading raw material testing laboratories and associated technology development workshops.
The RMRDC D-G said that the dialogue promised to provide a rich and robust set of technical and investment information for investors, researchers, and industry policymakers. The Permanent Secretary FMSTI, Mrs. Esuabana Asanye, also underscored the event’s importance for discussing the National Strategy.
She called on stakeholders to collaborate for the country’s socio-economic development, and emphasised the importance of clearly defined stakeholder roles in policy, legal frameworks, and outputs.
She called for collective efforts and commitment to ensure the target’s success and achieve the nation’s goals. #FG Targets 60% in Value Addition of Nigeria’s Raw Material FBNH Worth Rises Slightly Despite Femi Otedola Huge Bet
