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Akpabio Slams Brakes On Raw Exports – 30% Local Value Addition Now Mandatory
Senate President Godswill Akpabio has reaffirmed the National Assembly’s commitment to supporting a law that would require at least 30% local value addition before any raw material is exported from Nigeria.....KINDLY READ THE FULL STORY HERE▶
He made this declaration on Wednesday while receiving a delegation from the Raw Materials Research and Development Council (RMRDC), led by Director-General Nnanyelugo Martin Ike-Muonso, at his office in Abuja.
According to a statement by his Special Assistant on Media, Jackson Udom, Akpabio described the proposed amendment to the RMRDC Act as crucial to Nigeria’s economic transformation, calling it a “moral compass” that could also inspire other African nations.
“If these raw materials were partially processed in Nigeria before export, we would have established production chains that create jobs beyond the farming sector,” Akpabio stated, adding that such a policy would also drive technological advancement and innovation.
He stressed the need to align research and development efforts with legislative frameworks in order to build stronger value chains across various sectors.
Akpabio cited cocoa production as a striking example, lamenting that although Nigeria grows cocoa, it still imports cocoa-based products at high costs with no local input.
Commending Deputy Senate Chief Whip, Senator Onyekachi Nwebonyi, for sponsoring the amendment bill, Akpabio highlighted the solid minerals sector as particularly neglected, with raw resources exported without any value added.
“The most disheartening is the solid mineral sector, where raw materials are sold at extremely low prices without any processing,” he said.
He concluded that such practices contribute to Africa’s underdevelopment, noting that by 2025, the continent may still be lagging behind in harnessing and maximizing its own natural potential.
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