The Raw Materials Research and Development Council (RMRDC) DirectorGeneral Nnanyelugo Ike-Muonso yesterday defended the 30 per cent Value-Addition Bill.

The bill is geared towards prohibiting the export of raw materials without a minimum 30 per cent domestic processing. Ike-Muonso described the bill as the bedrock of Nigeria’s industrialisation and a declaration of the country’s economic independence.

The professor said this during the launch of the National Advocacy and Sensitisation Programme in Abuja. He said the bill already been passed by the National Assembly, and waiting for presidential assent, would serve as the catalyst that would transform Nigeria from a consumption-based economy to a production powerhouse.

According to him, the law will ensure that no raw material is exported without a minimum of 30 per cent local value addition. He said: “We can no longer afford to export jobs and wealth by shipping our agricultural produce and solid minerals at peanuts, only to buy back finished goods at a premium.

If we have it (raw materials) here, we must process it here.” According to Ike-Muonso, the bill will halt the export of unprocessed raw materials, thereby retaining economic value within Nigeria, and stimulate the establishment and expansion of local processing and manufacturing industries in the country.

He added that the legislation would help Nigeria conserve foreign exchange, reduce import dependence, improve trade balance and strengthen its Gross Domestic Product ( GDP) as well as attract both domestic and foreign investors establish processing facilities in Nigeria.

Ike-Muonso said: “A mandate requiring 30 per cent local value addition is a significant structural shift for many exporters accustomed to shipping raw commodities. It requires them to retool, secure technical partners, and adjust their supply chains.”