Nigeria to Stop Losing Billions: 30% Value-Addition Bill Targets Raw Material Exports
Nigeria to Stop Losing Billions: 30% Value-Addition Bill Targets Raw Material Exports
Nigeria to Stop Losing Billions: 30% Value-Addition Bill Targets Raw Material Exports
The Federal Government of Nigeria has unveiled plans to tackle the long-standing economic drain caused by exporting raw materials cheaply while importing finished products at high costs.
Speaking at a national event in Abuja, Dr. Kingsley Ude, Minister of Innovation, Science & Technology, emphasized that the proposed 30% value-addition bill represents a pivotal step toward promoting local processing, protecting jobs, and strengthening domestic industries.
The legislation will require manufacturers and exporters to add value to locally sourced materials before export, ensuring that more wealth is generated and retained within the country.
“This bill is a turning point,” Dr. Ude said. “It will protect Nigerian jobs, boost industrial growth, and prevent the loss of value that our nation can and should create at home.”
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Industry experts have welcomed the initiative, noting that it could significantly enhance Nigeria’s economic resilience, promote entrepreneurship, and reduce dependency on imported goods.
The value-addition drive aligns with the broader vision of strengthening local industries and achieving sustainable economic development across the country.
Nigeria to Stop Losing Billions: 30% Value-Addition Bill Targets Raw Material Exports
