{
  "id": 12570506,
  "title": "30% Value Addition Law Will Harness Nigeria’s Over $582bn Natural Resources Deposits",
  "url": "https://urgent.news/2026/10/07/30-value-addition-law-will-harness-nigerias-over-582bn-natural",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-07T07:07:43.000Z",
  "source": {
    "name": "This Day",
    "slug": "this-day",
    "url": "https://www.thisdaylive.com/2026/10/07/30-value-addition-law-will-harness-nigerias-over-582bn-natural-resources-deposits/"
  },
  "original_language": "en",
  "account": "The Raw Materials 30% Value Addition bill, when enacted, will assist Nigeria in tapping into its vast natural resources reserves, valued at over $582 billion, according to Prof. Nnanyelugo Ike-Muonso, Director General of the Raw Materials and Research Development Council (RMRDC). Prof. Ike-Muonso made the announcement during a press conference in Abuja, highlighting the bill's potential to bolster the country's economy.\n\nNigeria is home to a substantial amount of non-renewable natural resources, with over $582.4 billion documented in its soil alone. Across Africa, 54 nations share a similar abundance of critical transition minerals, agricultural raw materials, and industrial feedstock. However, the nation's vulnerability to external commodity price fluctuations, currency pressures, and the shift of raw commodity exports overseas persists.\n\nThe Africa Raw Materials Summit 2026, organized by RMRDC, will convene on October 19-20, 2026, with the objective of transforming Africa's raw materials into local factories. Prof. Ike-Muonso emphasized the importance of the 30% Value Addition bill in achieving Nigeria's envisioned prosperity through domestic industrialization, job creation, and reduced reliance on foreign exchange.\n\nSouth-South Technology Transfer Partnership with the National Innovation Center for Excellence in Shanghai, China, facilitated by the World Association of Industrial and Technological Research Organisations, was finalized by Prof. Ike-Muonso. This partnership aims to commercialize local research and development.\n\nIn her remarks, Mrs. Rachael Kotso, the Chair of the Africa Raw Materials Summit, Local Organising Committee, called for an integrated supply chain within Africa, emphasizing the need for a modern circular economy to prevent waste and promote regional trade. The summit aims to shift from exporting raw materials without value addition to generating value within the African continent before exporting.",
  "summary": "Oghenevwede Ohwovoriole in Abuja The Director General of the Raw Materials and Research Development Council (RMRDC)), Prof. Nnanyelugo Ike-Muonso, has disclosed that when signed into law, the Raw Materials 30%",
  "key_points": [
    "30% Value Addition bill aims to harness Nigeria's $582bn natural resources",
    "Bill to boost economy by promoting domestic industrialization and job creation",
    "Africa Raw Materials Summit 2026 to transform raw materials into local factories"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}