The Nigerian Senate has announced that President Bola Tinubu is expected to sign the 30 % Value Addition Bill into law in the near future. The legislation, which has already passed through the Senate, requires that at least 30 % of the country’s raw materials be processed locally before being exported or sold.
Under the bill, manufacturers and producers will be mandated to add value to raw commodities such as oil, minerals and agricultural products. The move is part of the government’s broader strategy to boost domestic manufacturing, create jobs and reduce the country’s reliance on raw‑material exports.
Senate officials said the bill will be presented to the president shortly, after which it will be signed and become enforceable. The legislation follows a series of policy proposals aimed at strengthening Nigeria’s industrial base.
While the bill’s exact implementation dates and enforcement mechanisms are still being worked out, experts say it could significantly alter the structure of Nigeria’s export economy and encourage investment in local processing facilities.
<small>Source: Punch Nigeria — read the original story there.</small>