TINUBU TO SIGN 30% RAW MATERIALS VALUE-ADDITION BILL SOON — SENATE
The Senate has announced that President Bola Tinubu is expected to sign the 30 per cent Value Addition Bill into law soon.
The proposed legislation seeks to promote local processing of raw materials in Nigeria rather than exporting them in their unprocessed form.
Under the bill, businesses operating in relevant sectors would be required to add value to raw materials locally, a move aimed at strengthening domestic industries and encouraging manufacturing.
The initiative is expected to support industrial development, create employment opportunities and reduce Nigeria’s dependence on exporting raw materials without significant local processing.
Nigeria has substantial natural resources, but limited local processing has remained a concern in efforts to expand manufacturing and increase the value of exports.
If signed into law, the bill could introduce new requirements for businesses involved in raw-material production and exports, subject to the legislation’s specific provisions and implementation guidelines.
The Senate’s announcement indicates that the bill is approaching the final stage of the legislative process, although the date of presidential assent has not been specified.
