Mike Odeh, Abuja .
The Nigerian Senate has unanimously passed the second reading of a landmark bill mandating the local processing of at least 30% of raw materials before they can be exported. This significant legislation, sponsored by Senator Nwebonyi Peter (APC, Ebonyi North), aims to amend the Raw Materials Research and Development Council Act 2022, prioritizing domestic production and safeguarding local industries.
During the plenary session on Tuesday, Senator Nwebonyi passionately advocated for the bill, emphasizing its potential to transform Nigeria’s economy. He stated that the legislation would enhance local manufacturing, create jobs, reduce dependency on imports, and alleviate pressure on foreign exchange demand.
“This bill is a crucial step towards protecting our local manufacturers from foreign competition by regulating the importation of raw materials that can be processed within Nigeria. By promoting local processing to a minimum of 30% or more, we will add significant value to our economy, particularly to our Naira,” Senator Nwebonyi asserted. “Moreover, it will foster innovation within our local industries, leading to a substantial increase in domestic production.”
While the bill received widespread support, concerns were raised by Deputy Senate Minority Leader, Senator Lere Oyewumi. He questioned the practicality of the bill, particularly in sectors that currently lack the capacity for local processing. Senator Oyewumi cautioned that strict enforcement of the bill could adversely affect farmers reliant on export markets, potentially leading to financial losses if raw materials remain unprocessed.
