The Honourable Minister, Innovation, Science and Technology, Chief Geoffrey Nnaji, has said that value addition to our raw materials before exportation is key to unlocking the economic potentials of Nigeria’s Raw Materials sector.
Nnaji emphasised that with value addition, Nigeria will create more jobs, reduce poverty, stimulate the growth of domestic manufacturing and ultimately strengthen the value of our currency.
The Minister stated this during the programme presentation and Dialogue Session with Development Partners, Diplomatic Community and Business Councils 2024 Edition, today in Abuja.
According to Nnaji, “we cannot achieve these mile stones alone, we are here today because we need the collective wisdom, expertise and resources that each of you our valued partners bring to the table”.
He said that Nigeria’s raw material value addition from the current 5% to a target of at least 60% represents a bold vision for the country’s future where our raw materials are no longer exported in their good form, but processed and enriched to maximize their value before leaving our shores.
Nnaji noted that we must ensure that raw materials are utilized efficiently, reducing waste and embracing circular economic principles that can extend the life circle of materials.
To this end, he urged the Development partners, members of Diplomatic Community, Business Council and Financial Institutes to consider it not only desirable but also expedient to collaborate with the Raw Material Research and Development Council (RMRDC) in this transformative efforts.
Speaking, the Chairman Senate Committee on Science and Technology, Senator Aminu Iya Abbas, said that the National Assembly is ready to pass any bill on policy that will enable raw materials to be processed and add value for exportation.
He stated that adding value to raw materials will provide more foreign exchange to the country.
Speaking also, the Permanent Secretary of the Ministry, Mrs. Esuabana Nko Asanye said that collaboration and technical expertise are the blueprint for transforming Nigeria’s Raw Materials sector into a globally competitive and sustainable ecosystem.
She further stated that the roadmap, aligns with the vision articulated by President Bola Ahmed Tinubu in his Keynote Address at the recently concluded 79th Session of the United Nations General Assembly (UNGA) where he highlighted the paradox of Africa’s vast natural resources and the continent dependency on foreign markets.
Earlier, the representative of the African Development Bank, Professor Alfred Cubana, said that despite Africa’s landmarks and natural resources, the continent still remains the list developed, which is why African Development Bank has a 10 year strategic plan for the improvement of quality of life of Africans, and has been building capacities to enable them manage their resources.
Atuora Obed O.
Deputy Director/Head
(Information & Public Relations)
