Nigerian Government Unveils 10-year Raw Materials Roadmap
The Federal Ministry of Innovation, Science, and Technology has launched a 10-year roadmap aimed at transforming Nigeria’s raw material sector, with a target of achieving 60 per cent value addition by 2034.
The Minister of Innovation, Science and Technology, Uche Nnaji, made the announcement on Wednesday at the Program Presentation and Dialogue Session with Development Partners, the Diplomatic Community, and Business Councils in Abuja.
Nnaji stressed that the importance of improving the value of Nigeria’s raw materials before export, citing benefits such as job creation, domestic manufacturing growth, and a strengthened naira.
The Minister added that current 25% value addition is unacceptable,”We must work together to unlock the immense potential of Nigeria’s raw material sector,”
The 10-year roadmap, developed in collaboration with the African Development Bank, outlines key strategic intervention.
These include building critical capacity in circularity and repurposing to ensure efficient raw material utilization and reduce waste.
Additionally, the plan aims to develop relevant databases and management information systems to provide researchers, investors, and industry leaders with access to real-time data.
Furthermore, upgrading raw material testing laboratories and associated technology/machine development workshops will advance research, testing, and technology innovation.
The importance of improving the value of our raw materials before export cannot be overstated. By doing so, we stand to create more jobs, stimulate the growth of domestic manufacturing, and ultimately strengthen the value of the naira. The greater utilization of local raw materials will reduce our dependence on imports and position Nigeria as a critical player in the global raw materials value chain.
Nigeria’s raw materials sector holds vast potential not just for economic growth but for creating a resilient, self-sustaining industrial base that benefits all Nigerians.”
Nnaji urged development partners, the diplomatic community, business councils, and financial institutions to collaborate with the Raw Materials Research and Development Council (RMRDC) to achieve the ambitious target.
The Manager of Natural Resources Management and Investment Centre, African Development Bank Group, Fred Kabanda,on his part said that African Development Bank’s Ten-Year Strategy 2024 to 2033 and the High 5 agenda of the Bank provides the strategic framework to support African countries with interventions that lead to economic growth and improvement of the quality of life of the people of Africa.
He added that AFDB acknowledged the vital role of natural capital for Africa’s development.
“In the Africa Economic Outlook 2023, we observed that according to 2018 data – Africa’s natural wealth, was estimated at $6.2 trillion.”
“Nigeria remains the wealthiest nation in the value of non-renewable resources, with an estimated total value of $582.4 billion and was second to Democratic Republic of Congo as the wealthiest country in Africa in renewable resources, with an estimated value of $260.1 billion.”
