FG Backs RMRDC Bill, Says Raw Materials Sector Could Attract $30bn Investment in 10 Years
Oghenevwede Ohwovoriole in Abuja
The federal government has promised to give all the necessary support to the Raw Material Research and Development Council (RMRDC) bill which is currently before the National Assembly, saying it could attract $30 billion investment in the next decade.
The Minister of Innovation, Science and Technology, Uche Nnaji, stated this at the official unveiling of the Nigeria Raw Material Management Information System (RMMIS), and the e-registratuon portal on Tuesday, in Abuja.
He noted that with the RMMIS portal, the sector would attract both local and foreign investors which in turn will attract an investment of about $30 billion in the next ten years.
His words: “This platform will empower manufacturers with reliable data for local sourcing, reducing import reliance and boosting domestic production.
“It will also attract investors, potentially bringing in $30 billion in investments over the next decade through efficient resource management; and finally, it will strengthen research and development, helping scientists and industrialists explore new product innovations and optimise material use.
“Policymakers will gain access to empirical data for targeted policies that promote resource efficiency and sustainable extraction. If properly aligned with national industrial policies, this initiative could increase semi-processed mineral exports to $9 billion by 2030.l
“With accurate data, the agriculture, mining, and manufacturing sectors can maximise raw material use, fostering job creation and boosting investments by $20 billion in the next decade.
“This will conserve foreign exchange reserves, potentially saving $10 billion annually while strengthening the naira.
“Today, we do not just launch a digital tool; we usher in an era of transparency, efficiency, and resource-driven industrial growth.
“Together, we will build a data-driven economy, where local resources fuel industrialisation, innovation flourishes, and sustainability becomes the foundation of Nigeria’s economic prosperity.”
In his remarks, the Director General, RMRDC, Martin Ike-Muonso noted: “The RMIMS is an innovation developed by the RMRDC with support by our critical stakeholders. It is a user-friendly portal for managing raw materials data.
“This innovation aims to serve as a key resource for investors, manufacturers, researchers and policy makers by providing advanced tools that support research and development.
“It is a robust technology-driven platform designed to enhance data driven decisions, facilitate research and development, optimise resource allocation, drive industry development, support policy and regulatory framework, and strengthen monitoring and evaluation mechanisms.
“The RMMIS covers all critical and strategic raw materials comprising agricultural, solid minerals and secondary raw material.”
According to him, the RMMIS is a strategic tool that will enhance the outcomes of the made in addition of the Africa raw materials summit that will be hosted by the RMRDC, and is scheduled to take place from May 20 to 22nd 2025 by providing accurate and reliable data.
Th Minister of State for Trade and investment, John Enoh, who was the keynote speaker, said his ministry would give all necessary support to the RMRDC to achieve the 30 per cent value addition for improved economic growth.
He also noted that Nigeria was losing huge amounts of money to the underdevelopment of the raw materials sector.
February 12, 2025 at 04:24AM
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Oghenevwede Ohwovoriole