Dr. Kingsley Udeh, Minister of Innovation, Science and Technology
The Minister of Innovation, Science and Technology, Dr Kingsley Udeh, has assured that the proposed RMRDC 30% Value-Addition Bill will attract investors and drive industrialisation, dismissing fears it might discourage foreign participation.
The bill, sponsored by Senator Onyekachi Nwebonyi and awaiting presidential assent, mandates that at least 30% of raw materials be processed locally before export.
Speaking at a national advocacy event in Abuja, Udeh said the law will incentivise investment in local processing, infrastructure, and value addition, boosting production capacity, employment, and GDP. “With this law, Nigerians will add value to raw materials at home, creating jobs and expanding our economy,” he noted.
RMRDC Director-General, Prof. Nnanyelugo Ike-Muonso, emphasised that the legislation codifies Nigeria’s import substitution and industrialisation strategy.
The bill enforces two key pillars: no export of raw materials without 30% local value addition, and a prohibition on importing abundant local raw materials.
He said the measure will prevent wealth and job loss from exporting unprocessed resources and importing finished goods.
“This Bill is the foundation for industrialisation, transforming Nigeria from a consumption-based economy into a production powerhouse,” Ike-Muonso added.
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