The Raw Materials Research and Development Council (RMRDC), Legislative Bill before the Senate of the National Assembly, is to ensure local processing of at least 30% raw materials before export scales 2nd reading.
The Local Raw Materials Protection draft legislative Bill, sponsored by Senator Nwebonyi Onyeka Peter, from Ebonyi North Senatorial District, is imperative for fostering Nigeria’s industrial growth and development through value addition locally. The Bill seeks to amend the RMRDC Act 2022 to prioritise domestic production and local manufacturing.
According to the press statement signed by the Assistant Director of the Directorate Corporate Affairs (DCA) Mrs Stella Azi during the plenary session at the Senate sitting, Senator Onyeka argued that the draft Bill when passed to law, would transform the national economy by boosting local manufacturing, create job opportunities, reduce import dependence, and ease pressure on foreign exchange demands.
At its second reading, the Raw Material Protection Bill received overwhelming support of by the House. The Deputy Senate Minority leader, Senator Lere Oyewumi raised concern on the practicality of the Bill; considering raw materials processors who lack capacity for local processing. He stated that strict enforcement may affect manufacturers who rely on import of such raw materials therefore, resulting to lose. He argued that such scenario be taken into consideration.
Earlier, during a chat with journalists, the Director General and Chief Executive officer RMRDC, Prof. Nnanyelugo Martin Ike-Muonso had noted that the Bill seeks to fortify Nigeria’s Local manufacturing sector, reduce dependency on imports and ensure sustainable economic development, through the promotion of local processing and value addition to the nation’s raw materials resources.