President Bola Ahmed Tinubu’s administration is taking a major economic step with the introduction of a bill that mandates 30% value addition on all raw materials before they are exported. The bill, aimed at amending the Raw Materials Research and Development Council (RMRDC) Act, is expected to significantly boost Nigeria’s economy and increase the GDP to ₦23.2 trillion.

According to the Director-General of RMRDC, Prof. Nnanyelugo Ike-Muonso, the policy could add 12% growth to the national GDP within a year if fully implemented. The bill also outlines penalties for exporters who fail to comply, including a 15% levy and possible suspension of export licenses.

Senate President Godswill Akpabio praised the initiative, saying it aligns with President Tinubu’s renewed commitment to economic diversification, job creation, and industrial growth. The proposed law is backed by several national agencies, including SON, NESREA, NIPC, and NASSI, who see it as a game-changer for Nigeria’s economic landscape.

While some stakeholders, such as the Centre for the Promotion of Private Enterprise (CPPE), have cautioned about implementation challenges in certain sectors, the administration remains confident that the policy will unlock Nigeria’s full potential in the global market by shifting the nation from raw exports to finished goods production.