RMRDC's Ike-Muonso Advocates for Value Addition in Nigeria

Ike-Muonso, the Director-General of the Raw Materials Research and Development Council (RMRDC), spoke on the significance of President Bola Ahmed Tinubu's administration in fostering Nigeria's economic growth during a visit from the Tinubu Support Group, led by Dr Umar Tanko Yakassai, in Abuja. He highlighted the Renewed Hope Agenda's role in creating opportunities through policies that promote local production, value addition, investment, and job creation.

Ike-Muonso asserted that Nigeria must stop exporting unprocessed raw materials and instead focus on local processing to retain economic value. He mentioned a proposed legislation mandating that raw materials produced in Nigeria undergo at least 30 percent value addition before export, which aims to attract investment in local processing facilities.

This initiative has been presented to the President, who has directed the Ministry of Justice to review it. Ike-Muonso expressed optimism that this approach would stimulate industrial development, create jobs, and reduce reliance on imports.