Poised to reposition Nigeria as a major exporter of processed mineral resources, the Federal Government on Wednesday unveiled a comprehensive 10-year roadmap aimed at achieving a transformational leap in the nation’s raw material value addition, increasing it from the current 25% to 60% by 2034.
The ambitious plan, co-created by the Raw Material Research and Development Council (RMRDC) with support from the African Development Bank (ADB), outlines key strategic interventions to foster growth and development in the raw materials sector.
During the announcement, Chief Uche Geoffrey Nnaji, the Minister of Innovation, Science, and Technology, emphasized that this roadmap is not merely a statistic but a bold vision for Nigeria’s future. It envisions a scenario where raw materials are processed and enriched before export, maximizing their value and benefiting the nation’s economy.
The Program Presentation and Dialogue Session, held in Abuja, aimed to foster robust partnerships between the RMRDC and esteemed development partners, the diplomatic community, business councils, and commercial banks. This session also explored innovative pathways and sustainable strategies to unlock the immense potential of Nigeria’s raw material sector.
“Nigeria’s raw materials sector holds vast potential not just for the growth of our economy but for creating a resilient, self-sustaining industrial base that benefits all Nigerians,” Nnaji stated. He highlighted that achieving the target of 60% value addition would enhance Nigeria’s competitiveness globally and lay the foundation for widespread economic empowerment and poverty reduction.
He further asserted, “The importance of improving the value of our raw materials before export cannot be overstated. By doing so, we stand to create more jobs, stimulate the growth of domestic manufacturing, and ultimately strengthen the value of the naira. The greater utilization of local raw materials will reduce our dependence on imports and position Nigeria as a critical player in the global raw materials value chain.”