Amendment of Raw Materials Act to Upscale Economy, Says Ndubuaku

Sunday Aborisade in Abuja 

The Secretary General of the Academic Staff Union of Research Institutions (ASURI), Prof. Theophilus Ndubuaku, has said the passage of the Bill to Amend the Raw Materials Research and Development Council Act, 2022 will bring an end to exporting raw materials in their crude form.

Ndubuaku, who stated this in Abuja at a solidarity rally in support of the bill, added that every support for the bill is support for the liberation of Nigeria from economic stagnation.

The rally was organised by ASURI, in collaboration with the National Association of Small Scale Industrialists (NASSI) and a Coalition of Civil Society Organisations.

The event coincided with the public hearing on the bill, which was organized by the Senate Committee on Science and Technology.

The bill provides, among others, that henceforth, a minimum of 30 per cent value must be added to raw materials before they are exported out of the country. 

Ndubuaku said the bill would pave the way for local processing, boosting domestic manufacturing industries.

He said: “The bill aims to create jobs, reduce dependence on imports, and conserve foreign exchange. This legislation is common in many countries that export raw materials, and its implementation could have a significant impact on Nigeria’s economy.

“We are organizing this rally to support a landmark activity that is going on now at the National Assembly. It is all about the amendment of the Act of Raw Materials Research and Development Council to make provision for 30 per cent value addition for all raw materials that are going to be exported from Nigeria.”

He described the proposed amendment as a landmark activity to change the face of the economy of the country.

The ASURI Secretary General said the proposed bill, when passed into law, will create a lot of opportunity for Nigerians in terms of revenue generation, job creation, poverty alleviation, foreign direct investment and economic growth.

“We assembled here to appreciate the Raw Materials Research Council for taking up this initiative; we also want to appreciate the National Assembly,” he said.

Also speaking, the Executive Director of Independent Public Service Accountability Watch, Comrade Stephen Eriba, said if the contents of the bill are implemented, mass unemployment, especially among the youth, would be highly reduced.