The Nigerian Senate has passed for second reading, a bill seeking to amend the Raw Materials Development Council Act 2022, to make for processing and protection of local production.
This followed the presentation of general principles of the bill by the sponsor, Onyeka Nwebonyi (APC-Ebonyi) at plenary.
Nwebonyi in his presentation said introduction of the raw material processing and local production protection promises to be a transformative initiative as Nigeria seeks sustainable economic growth.
He said the legislation aims to boost local manufacturing, enhance job creation, and reduce over-dependency on importation
He said the bill sought to mandate that no raw material be exported outside Nigeria without undergoing at least 30 per cent processing domestically.
“Distinguished colleagues, Mr. President, this bill, if enacted into law, will shut Nigerian manufacturers from foreign competition by regulating the importation of raw materials that can be produced locally.
“Distinguished colleagues, in all, this bill will create a more favorable environment for domestic companies to thrive and will foster national pride and legacy.
“Distinguished colleagues, in all, this bill will create a more favorable environment for domestic companies to thrive and legacy,“he said.
Contributing, Deputy President of Senate, Barau Jibrin (APC-Kano) said the bill was a good initiative as raw materials were been exported out of Nigeria for development of other nations.
“Once this bill is passed, it will now be mandated that these raw materials must be processed here.
“This will energise the economy by providing jobs, by promoting a real sector,our research tower will be energised.
“Several industries will emerge because it will now be mandated that we run against this lazy attitude of taking raw materials and having to buy the finished products from outside the shores of this country.”
Barau urged lawmakers to support the bill, that it was for good of the nation’s economy.
Senate Chief Whip Tahir Monguno (APC-Borno ) said the bill was novel, very relevant, having regard to the present economic situation.
He said Nigeria has the potential to develop its economy via the raw materials in the nation, adding that the bill when passed would further provide jobs in the agriculture and real sectors of the nation’s economy.
President of Senate, Godswill Akpabio, after second reading of the bill thereafter referred it to Committee on Science and Technology for further legislative inputs and to return back to plenary in six weeks.
Confidence Okwuchi
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