FG to attract $30bn through raw materials digital platform -Nnaji

From Charity Nwakaudu, Abuja

The Minister of Innovation, Science and Technology Chief Uche Nnaji said the Nigeria Raw Materials Management Information System (RMMIS) and Development Council (RMRDC) will attract $30 billion in investments over the next decade.

The minister, who spoke at the launch of the Nigeria Raw Materials Management Information System (RMMIS) in Abuja, said the system will empower industries, reduce unemployment, and create opportunities across various value chains.

The minister added that the initiative can increase semi-processed mineral exports to $9 billion by 2030 and strengthen research and development in the country, if properly aligned with national industrial policies

“It will also Attract investors, potentially bringing in $30 billion in investments over the next decade through efficient resource management; and finally, it will Strengthen research and development, helping scientists and industrialists explore new product innovations and optimize material use

“The RMMIS is a national digital repository of real-time, accurate, and accessible data on Nigeria’s raw materials. This platform will Empower manufacturers with reliable data for local sourcing, reducing import reliance and boosting domestic production” Nnaji explained.

He added that with accurate data, the agriculture, mining, and manufacturing sectors can maximise 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.”

The minister explained that successful implementation of RMMIS requires collective effort urging government agencies, researchers, private sector players, and development partners to actively engage, contribute data, and utilize insights to maximize the system’s impact.

In his presentation, the keynote speaker and minister of trade and investment, Senator John Owan Enoh said that data is critical for Nigeria’s economic development.

He added that there is nothing that attracts investors like adequate data, stressing that the raw materials research and development council will continue to fuel industrialisation in the country and beyond with adequate data of raw materials.

He, therefore, pledged the commitment of the trade and investment industry in the achievement of the set goal.

Director General of the Raw Materials Research and Development Council, RMRDC, Professor Nnanyelugo Martin Ike-Munonso said the Nigeria Raw Materials Management Information System (RMMIS) is the first of its kind in the history  RMRDC subsector.

He said it was a robust   technology driven decision platform designed to enhance data driven decision making, facilitate research and development  in the country.

The DG added that it covers all critical and strategic raw materials comprising agricultural, solid minerals. “It also contains both technical and investment information and covers more than 17,000 data points based on raw material occurring across every party of the country.”