The Federal Ministry of Innovation, Science, and Technology has launched a 10-year roadmap aimed at transforming Nigeria’s raw material sector, with a target of achieving 60 per cent value addition by 2034.
The Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, made the announcement on Wednesday at the Program Presentation and Dialogue Session with Development Partners, the Diplomatic Community, and Business Councils in Abuja.
Nnaji emphasized the importance of improving the value of Nigeria’s raw materials before export, citing benefits such as job creation, domestic manufacturing growth, and a strengthened naira.
“The current 25% value addition is unacceptable.
“We must work together to unlock the immense potential of Nigeria’s raw material sector,” Nnaji said.
The 10-year roadmap, developed in collaboration with the African Development Bank, outlines key strategic interventions.
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These include building critical capacity in circularity and repurposing to ensure efficient raw material utilization and reduce waste.
Additionally, the plan aims to develop relevant databases and management information systems to provide researchers, investors, and industry leaders with access to real-time data.
Furthermore, upgrading raw material testing laboratories and associated technology/machine development workshops will advance research, testing, and technology innovation.
Nnaji urged development partners, the diplomatic community, business councils, and financial institutions to collaborate with the Raw Materials Research and Development Council (RMRDC) to achieve the ambitious target.
“Nigeria’s raw materials sector holds vast potential not just for economic growth but for creating a resilient, self-sustaining industrial base that benefits all Nigerians,” Nnaji said.
In his keynote address, the Country Director of DAI, Dr Joe Abah, Nigeria’s economic future can benefit immensely from its raw materials.
He explained that with 44 solid minerals identified nationwide, including substantial iron ore, lead, zinc, and limestone reserves, Nigeria has the natural resources to drive industrialization on a large scale.
He said, “The country’s rich agricultural raw materials like cocoa, cotton, and palm oil also play a vital role in global trade.
“Current global efforts at energy transition and moves to harness greener energy that is less damaging to the environment make our mineral and energy resources even more critical today.
“Globally, the demand for raw materials is shifting and the opportunities for countries like Nigeria are immense.
“The recent focus on renewable energy technologies and battery storage has intensified the need for minerals like cobalt and lithium—both essential for electric vehicles and energy storage.
“Nigeria has vast, untapped reserves of cobalt and other valuable minerals.
“For example, global demand for lithium is expected to increase by 500% by 2050. Africa is projected to be a key supplier of the required resources for the world’s $1.6 trillion battery market.
“As Nigerians, we tend to be very good at highlighting the challenges but less good at proposing solutions to them.
“Today, I want to focus on opportunities, in the full knowledge that we have significant challenges.
“I believe that with the right partners, many of whom are present today, these opportunities are within reach. The multifaceted benefits of Nigeria’s raw materials present a wide range of possibilities for all stakeholders.”
Meanwhile, the Manager of Natural Resources Management and Investment Centre, African Development Bank Group, Fred Kabanda, explained that African Development Bank’s Ten-Year Strategy 2024 to 2033 and the High 5 agenda of the Bank provides the strategic framework to support African countries with interventions that lead to economic growth and improvement of the quality of life of the people of Africa.
He added that AFDB acknowledged the vital role of natural capital for Africa’s development.
“In the Africa Economic Outlook 2023, we observed that according to 2018 data – Africa’s natural wealth, was estimated at $6.2 trillion.”
“Nigeria remains the wealthiest nation in the value of non-renewable resources, with an estimated total value of $582.4 billion and was second to Democratic Republic of Congo as the wealthiest country in Africa in renewable resources, with an estimated value of $260.1 billion.”
“Broadly, Africa accounts for more than 30% of global annual production of several key minerals namely: platinum (80%), cobalt (77%), manganese (51%), diamonds (46%), chromium (39%), gold (22%), and rick deposits of several green minerals.”
“Africa also hosts over 60 percent of world’s remaining arable land, and its forests span about 21% to 23% of the continent’s total land mass. In addition, about 75% of Africa’s countries have access offering huge potentials for a blue revolution in Africa.”
“Yet, African economies remain among the least developed in the world with the size of economies amongst the smallest compared to other regions.
“In our continuous analysis, we have observed that continued reliance on commodity exports with little value addition leaves the Continent with limited return, and even poorer.
“The real price of commodity exports has been declining over time, and lack of value addition and beneficiation exports jobs, tax revenues, and growth and has high carbon-footprint.”
“The more a country exports unprocessed commodities, the poorer the country becomes. The is because, markets pay for value creation.”
“Technology owners are known to reap the highest rents in markets. Examples in the mining sector, agriculture and fishing all show the same results,” he added
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