By Dele Ogbodo
The Director General/CEO, Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, on Friday unveiled the Council’s quarterly statistical bulletin series, even as he underscores that the publication is a robust transformative tool that will drive Nigeria’s industrialisation and national development.
While fielding questions from journalists after the launch, at the instance of the Council’s Directors, and stakeholders at the RMRDC Headquarters in Abuja, he said it is with great pride and an acute sense of purpose to unveil an initiative that promises to redefine the trajectory of Nigeria’s industrial landscape.
The DG, said: “Today, we launch the RMRDC Quarterly Statistical Bulletin Series, a cornerstone of data-driven policy formulation and a vital tool for industrial transformation in Nigeria.
“At the Raw Materials Research and Development Council (RMRDC), our mission has always been clear: to harness Nigeria’s abundant raw materials for sustainable industrial development.”
Over the years, he reinforced that the Council has intensified its efforts to provide evidence-based data and insights to stakeholders, investors, and policymakers, enabling them to identify opportunities, address challenges, and shape effective policies for economic growth.
While acknowledging that the publication is a significant leap in that direction, he added that the Nigerian manufacturing sector accounts for a mere 3% of the nation’s foreign exchange earnings while contributing over 30% to its import bill.
He quoted data from the Manufacturers Association of Nigeria (MAN) as revealing that in the first three quarters of 2024, local raw material utilization in the manufacturing sector stood at 56.03%, 56.70%, and 57.60%, respectively.
While these numbers signify progress, they highlight the vast untapped potential for local sourcing and value addition.
He said: “Local sourcing is not just an economic necessity but a strategic imperative. By prioritizing domestic raw materials and fostering innovative value chain development, we can: Minimize foreign exchange expenditure on imported inputs. Create jobs and build wealth across the country.
“Promote the export of finished goods, thereby boosting foreign direct investment (FDI). Unlock the potential of idle local capital and channel it into productive use.”
According to the DG, the quarterly statistical bulletin series is a publication that provides data quarterly on the analysis of Nigeria’s foreign trade (HS Code 01 – 97), which is captured at customs entry points throughout the country by the Nigeria Customs Service and uploaded into the Nigeria Integrated Customs Information System (NICIS2).
He added that the quantity and value of imports and exports of these raw materials and products categorized by their respective Double-Digit HS-Code are analyzed to derive key indicators of interest.
The publication addresses the country’s raw materials imports substitution/deletion, local utilization rates, and other key components of the economy such as employment, industry and exchange rate, the DG, added.
“The quarterly statistical bulletin is more than a publication; it is a transformative tool for national development.
“It provides comprehensive and meticulously analyzed data on Nigeria’s foreign trade, raw materials processing, and utilization rates. This data is critical for identifying trends, making informed decisions, and shaping the future of our industries.
“The Bulletin equips government decision-makers with actionable insights to craft policies that promote local sourcing, industrial growth, and economic diversification.
“Investors will find invaluable information to identify high-potential areas within Nigeria’s resource-based industries. Industrialists will gain tools to maximize the utilization of local raw materials, reduce costs, and boost competitiveness.
“Academia can leverage the Bulletin’s rich data for groundbreaking research in material sciences, engineering, and industrial development. The Organized Private Sector (OPS) will find robust opportunities for synergy with the government and other stakeholders to drive sustainable growth.
“This Bulletin also highlights critical challenges facing our manufacturing sector, particularly the dependence on imported raw materials and intermediate goods. Through strategic partnerships and focused policies, we can: • Promote backward integration. • Encourage import substitution and reduce dependency on imports. • Support value addition and competitive product development. • Establish appropriate trade barriers to protect local industries.”
The success of this initiative, according to the DG, would not have been possible without the Collaboration of our key partners: the Nigeria Customs Service (NCS), the National Bureau of Statistics (NBS), the Manufacturers Association of Nigeria (MAN), and other stakeholders.
Their commitment to data sharing and information dissemination he added has been instrumental in ensuring the bulletin’s accuracy and reliability.
He stressed that launching the quarterly statistical bulletin calls for all stakeholders to act decisively.
He said: “At RMRDC, our commitment remains unwavering. We will continue collaborating with stakeholders, developing policies, and implementing strategies that harness Nigeria’s vast raw material resources for sustainable industrial growth.
“Today’s launch is not just an event but a pivotal moment in our journey toward industrial self-reliance and economic transformation. I urge all of you to leverage this initiative, spread its message, and champion its objectives.”
