1 week ago
22
The Federal Government has said data gaps and poor integration hinder optimal utilization of natural resources.
Minister of Innovation Science and technology, Chief Uche Nnaji made the statement in Abuja at the launch of the Nigerian Government’s Raw Materials Management Information System, RMMIS.
According to the minister, “lack of accurate, accessible data on raw material reserves, quality, and locations has led to inefficiencies, high import dependence, and reduced investor confidence.”
He said the gap directly affects job creation, a key driver of President Bola Tinubu’s economic agenda.
“A robust raw materials management system will empower industries, reduce unemployment, and create opportunities across various value chains,” describing the RMMIS as “a key milestone in harnessing Nigeria’s raw materials for industrial growth, economic diversification, and sustainable development, all central to President Bola Ahmed Tinubu’s Renewed Hope Agenda”.
“The RMMIS is a national digital repository of real-time, accurate, and accessible data on Nigeria’s raw materials.
“Furthermore, policymakers will gain access to empirical data for targeted policies that promote resource efficiency and sustainable extraction. If properly aligned with national industrial policies, this initiative could increase semi-processed mineral exports to $9 billion by 2030.
“With accurate data, the agriculture, mining, and manufacturing sectors can maximize raw material use, fostering job creation and boosting investments by $20 billion in the next decade. This will conserve foreign exchange reserves, potentially saving $10 billion annually while strengthening the naira,” he stated.
In his keynote address, the Minister of State for Industry Trade and Investment, Senator John Owan Enoh stated that Nigeria is unleashing the potentials of its raw materials sector and laying the foundation for an industrial revolution in the country.
“The timing of this couldn’t have come at any better time because we’re navigating through the complexities of global challenges.
“Nigeria is sitting on almost every raw material that is imaginable, but the tragedy is that we import almost every raw material we need in our industries. We spend about 10 billion dollars annually due to heavy reliance on imported raw materials.
“Our manufacturing sector operates at a median average of about five percent capacity, and this is primarily due to the challenges in accessing raw materials.
“This underutilization costs our economy an estimated 25 billion dollars annually. So, there’s nothing like what we are gathered here to achieve and to launch. But I think that for this to work, and have effect, Nigerians and the country must use it.
“The Ministry of Industry, Trade and Investment, which I have mandate over, is more than willing and available to cooperate in enforcing the proposed law on mandatory 30 percent value addition for all export raw materials.
“It’s going to increase job opportunities and more money to the country. So, I think that law is needed like yesterday.
“The law, unquestionably, will mark the beginning of a new chapter in good technology and innovation, empower stakeholders to maximize the nation’s potential and build a sustainable industrial future,” the minister said.
In his welcome address, the DG/CEO of Raw Material Research and Development Council, RMRDC, Prof. Nnanyelugo Ike-Muonso stated that the RMMIS would serve as a key resource for investors, manufacturers, researchers, and policymakers by providing advanced tools that support research and development.
The initiative marks a pivotal moment in the history of the Raw Materials Research and Development Council, RMRDC.
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