RMRDC Unveils Strategy to Unlock Nigeria's $582.4bn Wealth

The Raw Materials Research and Development Council (RMRDC) has launched a strategy aimed at unlocking Nigeria's estimated $582.4 billion in documented non-renewable natural resources. This initiative, announced by the Director-General and Chief Executive, Professor Nnanyelugo Ike-Muonso, focuses on enhancing domestic processing, enforcing mandatory value addition, facilitating technology transfer, and strengthening regional supply chains.

The strategy is set to be discussed at the second Africa Raw Materials Summit (ARMS) on October 19 and 20 in Abuja, themed “From African Feedstock to African Factories.” Professor Ike-Muonso emphasized that Nigeria's resource base could yield greater industrial and economic benefits if more resources were processed locally. A key element of the strategy is the Raw Materials 30 per cent Mandatory Value Addition Bill, which is currently awaiting presidential assent.

Rachel Kotso, the chairman of the local organizing committee for ARMS 2026, stated that integrating production and processing systems across African countries is essential for maximizing the value of the continent's resources.