RMRDC Seeks $2.65trn Global Market Opportunity for Nigeria Via Local Manufacturing

By Adedapo Adesanya

The Raw Materials Research and Development Council (RMRDC) has identified a $2.65 trillion global market opportunity for Nigeria, calling for increased investment in local processing and manufacturing to accelerate industrialisation, create jobs and drive economic growth.

The Director-General of RMRDC, Professor Nnanyelugo Ike-Muonso, disclosed this while delivering a lecture titled Unlocking Nigeria’s Raw Material Value Chain for Industrialisation, Manufacturing and Competitiveness.

He said the opportunity covered 30 major value chains, comprising 12 agricultural value chains worth $932 billion, 11 mineral value chains valued at $1.352 trillion and seven circular-economy value chains estimated at $366 billion.

Mr Ike-Muonso lamented that Nigeria continued to lose significant economic opportunities through the exportation of unprocessed commodities, while relying heavily on imported industrial inputs.

He disclosed that manufacturing’s contribution to real Gross Domestic Product declined from 9.64 per cent in 2014 to 8.05 per cent in 2025, representing a 16.5 per cent drop.

He also revealed that raw material imports rose to $20.5 billion in 2025, about six times the 2020 figure, warning that dependence on imported industrial inputs exposed local manufacturers to foreign exchange volatility, increased production costs and weakened the competitiveness of Nigerian products.

The RMRDC chief identified agriculture, solid minerals and industrial waste as major sources of raw materials that could support Nigeria’s industrial transformation.

He said Nigeria produced over 63 million metric tonnes of cassava annually but allowed more than 80 per cent of agricultural produce to leave farms without adequate processing.

He identified cocoa, cashew, sesame, palm oil and cotton as commodities with significant potential for local manufacturing.

In the mining sector, Mr Ike-Muonso identified more than 44 commercially viable minerals across over 500 locations, including lithium, gold, barite, bitumen, iron ore and limestone.

He said the resources could support steel production, battery manufacturing, electrification and advanced industries if Nigeria prioritised beneficiation and refining.

He added that the country generated over 32 million tonnes of solid waste annually, noting that agricultural residues, scrap metals, plastics and electronic waste could serve as valuable industrial inputs.

The RMRDC director-general urged investors to explore opportunities in industrial starch, textiles, rubber products, petrochemicals, lithium processing, steel production, battery recycling and waste conversion.

To address challenges in the sector, he highlighted the council’s proposed 30 per cent Value Addition Bill and the Nigeria Integrated Information Statistical System for Raw Materials and Products (NISSRAMP).

He explained that the proposed legislation would encourage local processing before export, while NISSRAMP would provide information on the availability, location and quality of raw materials.

Mr Ike-Muonso also called for stronger collaboration among government, academia and industry to attract investments, develop bankable projects and establish processing facilities.

He urged Nigerians in the diaspora, alongside local and international investors, to explore opportunities in the country’s raw material value chains, noting that diaspora investors could contribute capital, technology, technical expertise, international business networks and access to global markets.

The RMRDC chief further stressed the importance of workforce development, merit and improved working conditions, disclosing that his administration had established a training school for staff and introduced rewards for winners of the RMRDC Innovation Challenge.

He charged researchers, manufacturers, investors and other stakeholders to support the transformation of Nigeria’s raw materials into competitive finished products rather than continue exporting them in unprocessed forms.