Sponsored by Ebonyi North’s Senator Nwebonyi Peter, the bill aims to amend the Raw Materials Research and Development Council Act 2022, introducing provisions for local processing and production protection.
During his lead debate, Nwebonyi highlighted the transformative potential of the bill for the nation’s economy.
He argued that mandating local processing would boost local manufacturing industries, create jobs for Nigerians, and reduce dependence on imports and the demand for foreign exchange.
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He further noted that the bill, if enacted, would shield Nigerian manufacturers from foreign competition by regulating the importation of raw materials that could be processed locally, fostering a favorable environment for domestic industries to thrive.
In spite of the overwhelming support, Deputy Senate Minority Leader, Lere Oyewumi, raised concerns about the bill’s practicality, particularly in sectors lacking local processing capacity.
Oyewumi said, there is a need for amendments due to the nature of some products, adding they assume that all the products should not be exported raw.
He warned that strict enforcement of the bill could harm local farmers who rely on export markets for raw materials.
After deliberations, Senate President, Godswill Akpabio put the bill to a voice vote where the majority of lawmakers voted in favor, allowing the bill to scale its second reading.