Abuja — The African Development Bank (AfDB) will partner Nigeria on value addition of the nation's raw materials from the current 25 per cent to 60 per cent by 2028.
The Minister of Science and Technology, Uche Nnaji, made the disclosure on Wednesday during a presentation and dialogue session at the headquarters of the Raw Materials Research and Development Council (RMRDC), in Abuja.
Nnaji said with the 10-year development roadmap supported by the AfDB, Nigeria will achieve 60 per cent value addition to her raw materials before they leave the shores of the country.
"As you may know, the RMRDC with the support of the African Development Bank (AfDB) is on the verge of developing a comprehensive 10-year roadmap to achieve a transformational leap in Nigeria's raw material value addition, from the current 25 per cent to a target of at least 60 per cent.
"This ambitious goal is not just a number; it represents a bold vision for Nigeria's future--where our raw materials are no longer exported in their crude form but processed and enriched to maximise their value before leaving our shores," he said.
Speaking on the importance of increasing the value addition of the nation's raw materials before export, he said: "The importance of improving the value of our raw materials before export cannot be overstated. By doing so, we stand to create more jobs, stimulate the growth of domestic manufacturing and ultimately strengthen the value of the naira.
"The greater utilization of local raw materials will reduce our dependence on imports and position Nigeria as a critical player in the global raw materials value chain."
He added that the country needs all necessary support and collaboration to achieve this goal.
However, he noted, that the milestones cannot be attained alone, adding that there was the need for collective wisdom, expertise and resources from valued partners.
"The RMRDC's 10-year roadmap outlines key strategic interventions, and this event serves as an invitation to each of you to collaborate with us on critical fronts, including building critical capacity in circularity and repurposing.
"We must ensure that raw materials are utilised efficiently, reducing waste and embracing circular economy principles that can extend the lifecycle of materials.
"By working together, we can set a global example of sustainability. Developing relevant databases and management information systems: One of the cornerstones of effective raw materials management is access to real-time, accurate data," he emphasised.
The Manager, Natural Resources Management and Investment Centre,
African Development Bank Group, Fred Kabanda, pledged AfDB's support for the RMRDC's programme.
"We fully recognise the strategic importance of effective raw material beneficiation in fostering industrialisation, economic diversification, and sustainable development in Africa and Nigeria specifically due to the enormous natural capital.
"The African Development Bank's Ten-Year Strategy 2024-2033 and the High 5 agenda of the bank provide us the strategic framework to support African countries with interventions that lead to economic growth and improvement of the quality of life of the people of Africa.
"In our continuous analysis, we have observed that continued reliance on commodity exports with little value addition leaves the continent with limited return and even poorer.
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"The real price of commodity exports has been declining over time, and lack of value addition and beneficiation exports jobs, tax revenues and growth and has high carbon-footprint," he said.
The Country Director of Development Alternatives Inc, Dr. Joe Abah, in his keynote speech said: "The strategic development, management and conversion of our raw materials into finished products is crucial if Nigeria is to unlock its vast potential and secure sustainable prosperity for its citizens. Nigeria's economic future can benefit immensely from its raw materials."
The Director General of RMRDC, Prof. Nnanyelugo Ike-Muonso, in his presentation, noted that for the council to achieve the 10-year plan and 60 per cent value addition, through data, technology and research and development plant complex, talent and circular building and sustainability and creativity which are key areas to achieve the 10- year plan
