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FG unveils 10-yr development plan for raw materials

...Sets 60% value addition target by 2034

 

Poised to reposition Nigeria as major exporter of processed mineral resources, the Federal government on Wednesday unveiled a comprehensive 10-year roadmap to achieve a transformational leap in the nation’s raw material value addition, from the current 25% to 60 percent by 2034.

The 10-year development plan, was co=created by the Raw Material Research and Development Council, RMRDC, with support from the African Development Bank, ADB.
The RMRDC’s 10-year roadmap outlines key strategic interventions, and this event serves as an invitation to each of you to collaborate with us on critical fronts, including:

The Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, announced this on Wednesday, while declaring open, a one-day Raw Material Research and Development Council, RMRDC, Program Presentation and Dialogue Session with Development Partners, the Diplomatic Community, and Business Councils, 2024 Edition, Held in Abuja.

The ambitious goal, he said is not just a number; but represents a bold vision for Nigeria’s future, where the raw materials are no longer exported in their crude form but processed and enriched to maximize their value before leaving our shores.

The Program Presentation and Dialogue Session, was dedicated to fostering more robust partnerships between the RMRDC and esteemed development partners, the diplomatic community, business councils, and commercial banks.

It was also meant to explore innovative pathways and sustainable strategies that will 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. Achieving our target of 60% value addition will create a more competitive Nigeria globally and lay the foundation for widespread economic empowerment and poverty reduction.

‘’‘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.

‘‘However, we cannot achieve these milestones 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.

‘‘We must ensure that raw materials are utilized efficiently, reducing waste and embracing circular economy principles that can extend the lifecycle of materials. By working together, we can set a global example of sustainability.

‘‘One of the cornerstones of effective raw materials management is access to real-time, accurate data. The roadmap envisions the development of robust information systems that will serve researchers, investors, and industry leaders, ensuring that decision-making is grounded in sound knowledge.

‘‘The future of raw material development hinges on advanced research, testing, and technology innovation. Upgrading these facilities will give our industries the tools to test and refine raw materials and develop the technologies necessary to drive our vision forward.

‘‘The need for collaboration and investment in these critical areas is urgent. As the President highlighted during his keynote address at the 79th Session of the United Nations General Assembly, Africa’s wealth in natural resources should no longer be at the mercy of foreign markets, where we are forced to repurchase our raw materials in their finished forms at exorbitant prices. This is why this session is crucial – the future of Nigeria’s economic stability and prosperity hinges upon the partnerships we forge today.’’

He urged development partners, members of the diplomatic community, business councils, and financial institutions to consider it not only desirable but also expedient to collaborate with the RMRDC in these transformative efforts.

“We can achieve together a Nigeria where raw materials are no longer seen as mere commodities but as engines of growth, innovation, and sustainability; a Nigeria where local industries thrive, creating jobs and opportunities for millions; and a Nigeria that is a global leader in raw material development, setting the standard for value addition, circularity, and environmental stewardship.

“This vision is possible only with the quality of partnerships and collaborations we establish today. I look forward to engaging in discussions and seeing how we can work together to build a better, more prosperous future for Nigeria and all who partner with us.”

Earlier in his keynote address, the keynote speaker, Dr. Joe Abah, said the strategic development, management and conversion of the nation’s raw materials into finished products is crucial if Nigeria is to unlock its vast potential and secure sustainable prosperity for its citizens.

‘‘Nigeria’s economic future can benefit immensely from its raw materials. With 44 solid

minerals identified nationwide, including substantial iron ore, lead, zinc, and limestone

reserves, Nigeria has the natural resources to drive industrialization on a large scale.

The country’s rich agricultural raw materials like cocoa, cotton, and palm oil also play

a vital role in global trade. Current global efforts at energy transition and moves to

harness greener energy that is less damaging to the environment make our mineral and energy resources even more critical today.’’

Abah, he listed value addition and benefits enhancement; increasing local utilization of raw materials in manufacturing; expanding raw material applications through research and innovation urged participants at the conference to imagine a future where Nigeria’s raw materials form the backbone of a dynamic, resilient, and sustainable economy.

In their own remarks, the Manager, Natural Resources Management and Investment Centre, at African Development Bank, Fred Kabanda observed that continued reliance on commodity exports with little value addition had left the African Continent with limited return, and even poorer, saying that the real price of commodity exports has been declining over time, and lack of value addition and beneficiation exports jobs, tax revenues, and growth and has high carbon-footprint.

‘’The African Development Bank’s Ten-Year Strategy 2024-2033 and the High 5 agenda of the Bank provide us the strategic framework to support African countries with interventions that lead to economic growth and improvement of the quality of life of the people of Africa.

‘’We acknowledge the vital role of natural capital for Africa’s development. In the Africa Economic Outlook 2023, we observed that according to 2018 data Africa’s natural wealth, was estimated at $6.2 trillion. Nigeria remains the wealthiest nation in the value of non-renewable resources, with an estimated total value of $582.4 billion and was second to Democratic Republic of Congo as the wealthiest country in Africa in renewable resources, with an estimated value of $260.1 billion.

In his address, the Director General of RMRDC, Prof. Nnanyelugo Martin- Ike-Muonso said the event promised more that a discussion of the plans as it was a call to action for partnership.

He underscored the importance of localizing raw materials processing and manufacturing in building resilient economy, adding that the roadmap aligns with President Tinubu’s Renewed Hope Agenda.

End.

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