… says that the amendment will increase industrialization
The Union of Academic Personnel Research Institutions (ASURI) on Wednesday to the National Assembly (NASS) that accelerates the amendment of the Law of the Research and Development Council of First Materials that proposes an addition of value of 30% for raw materials before export.
Speaking in a demonstration in support of the bill in Abuja, the secretary general of Asuri, Professor Theophilus Ndubuaku, explained that the bill will pave the way for local processing, promoting national manufacturing industries.
“The bill aims to create jobs, reduce import dependence and conserve currencies. This legislation is common in many countries that export raw materials, and its implementation could have a significant impact on Nigeria's economy.
“We are organizing this rally to support a historical activity that is now happening in the National Assembly. This is the amendment of the Law of the Research and Development Council of First Materials to establish a provision for a value addition of 30 percent for all raw materials that will be exported from Nigeria.
“Now, this historical activity will change the face of the economy of this country due to its impact. As in most countries of the world, it simply does not go and carries raw materials for export, even the great countries that we listen to as China and all those Asian countries, even when they want to export their raw materials, do not allow it to export the raw material without additional value.
“Now, what is this addition of value? If you want to add value to a raw material, you must process; Now for processes, you have to build the industry; For you to process, you should use childbirth, ”he said.
Ndubuaku also explained that people will earn money through value processes: “People will be used. There will be a direct foreign investment to establish these factories and carry equipment that process those raw materials to the level before it can export.
“Then, what we are talking about is a situation in which we will continue, we will create jobs. Nigeria is a very large country with many resources, but as at this time, all we see is that people simply go and take unprocessed minerals, and then export. ”
He said: “We are actually an exporting country of raw material because we really don't have the ability to process them.”
The Secretary General of Asuri said that the proposed bill, when approved, will create many opportunities for Nigerians in terms of revenue generation, employment creation, poverty relief, direct foreign investment and economic growth.
“We gathered here to appreciate the First Matter Research Council to assume this initiative; We also want to appreciate the National Assembly. Until now, this bill has gone through the first and second reading, and goes to the public hearing.
“We want to encourage them not to give in, but make sure that this bill goes through the entire legislation process. We are also appealing to the executive for assent when the bill is approved, ”he added.
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