The Senate has passed abill mandating all raw materials must undergo a minimum of 30 percent local processing before they are exported from Nigeria.
The decision followed the adoption of the report by the Senate Committee on Science and Technology on the amendment of the Raw Materials Research and Development Council Act, 2022.
The bill sponsored by Senator Onyekachi Nwebonyi, representing Ebonyi North, seeks to promote value addition, strengthen the local manufacturing sector, reduce reliance on imports, and stimulate sustainable economic growth.
Under the new provisions, any exporter who fails to meet the 30 percent processing requirement will be subjected to a 15 percent levy on the export value of the raw materials and may face suspension or revocation of their raw material value addition certificate.