Nigeria _ Nigeria has generated approximately N4 trillion from raw materials, marking a significant milestone in the country’s economic recovery efforts
The Raw Materials and Research Development Council (RMRDC) has launched its inaugural quarterly statistical bulletin, providing valuable insights into Nigeria’s industrial development. The publication offers comprehensive data on critical economic indicators, including foreign trade, raw material processing, and utilization rates.
According to Prof. Nnanyelugo Ike-Muonso, Director General of RMRDC, Nigeria’s manufacturing sector contributes only about 3% to the nation’s foreign exchange earnings, with over 30% of the import bill linked to raw materials and intermediate goods that could be locally sourced. The RMRDC aims to promote local sourcing, harness abundant natural resources, and develop innovative value chains for rapid economic growth.
By Taiwo olatinwo/ January 18, 2025
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