By Our Correspondent
The Nigerian Senate has approved the second reading of a bill that seeks to ensure at least 30 percent of raw materials are processed locally before exportation.
Sponsored by Senator Nwebonyi Peter of Ebonyi North, the proposed amendment to the 2022 Raw Materials Research and Development Council Act is aimed at strengthening local manufacturing and promoting domestic production.
Nwebonyi believes that the bill would reduce Nigeria’s reliance on imports, create employment opportunities, and conserve foreign exchange by encouraging local industries to process raw materials domestically.
The proposal also seeks to create a competitive environment by limiting the influx of unprocessed raw materials into foreign markets.
Despite broad support, Senator Lere Oyewumi raised concerns about the feasibility of the bill, especially in industries without sufficient local processing infrastructure.
Oyewumi warned that implementing the law could negatively impact farmers who rely on export opportunities if processing facilities are absent.
Following debate, Senate President Godswill Akpabio called for a voice vote, and the majority supported the bill’s progression to the next legislative stage.
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