Senate Passes First Reading of Bill to Boost Local Manufacturing

A bill aimed at bolstering Nigeria's local manufacturing sector has successfully passed its first reading in the Senate.

Sponsored by Senator Peter Nwebonyi of Ebonyi North, the proposed legislation seeks to protect and enhance the processing of Nigeria’s raw materials, thereby reducing the nation's dependency on imports.

The bill outlines several key measures designed to promote sustainable economic growth.

One of its primary objectives is to ensure that no raw materials are exported from Nigeria without undergoing a minimum of 30% processing.

As stated by Mr. Chuks Ngaha, Director of Corporate Affairs at the Raw Materials Research and Development Council (RMRDC), "The objective is to ensure that no raw materials are exported from Nigeria without undergoing a minimum of 30% processing."

Additionally, the bill aims to prohibit the importation of raw materials that can be produced locally. This move is intended to safeguard local manufacturers from unfair competition and encourage the growth of domestic industries.

To facilitate this, the Federal Ministry of Trade and Investment, in collaboration with the RMRDC, will compile and maintain a list of raw materials available for local production, subject to periodic review.