Amid growing concern over Nigeria’s continued export of unprocessed raw materials, the Federal Government is preparing a value-addition bill aimed at boosting local production, expanding GDP, and plugging economic leakages.
In 2024, Nigeria’s GDP averaged N19.83 trillion, with officials warning that excessive raw material exports are undermining the nation’s economic potential. In response, the government is proposing a 2025 law mandating at least 30% value addition to raw materials before they are exported.
The plan is expected to deliver a 17% year-on-year growth in real GDP, pushing the figure to at least N23.2 trillion in 2025.
Speaking to The PUNCH, Prof. Nnayelugo Ike-Muonso, Director-General and CEO of the Raw Materials Research and Development Council (RMRDC), said the policy is anchored on increasing domestic production capacity while discouraging the export of unprocessed resources.
“We have a quick estimate from a helicopter model we constructed. What we have done, using some experts when we started this bill, was that the economy would grow — real output — by more than 17 per cent on a year-on-year basis,” Ike-Muonso explained.
He added that the bill, once enacted, would be a key driver of industrialisation, job creation, and sustainable economic growth, aligning with the administration’s broader push to strengthen value chains and reduce import dependency.