DSP Jibrin Advocates For Raw Material Development Bill

DSP Jibrin Advocates For Raw Material Development Bill

Deputy President of the Senate, Barau Jibrin, has expressed strong support for the Raw Material Development Act amendment bill, asserting…READ MORE…

that its passage could drive the country’s economic growth. He emphasized that, once amended, the bill would create job opportunities for citizens and contribute to the nation’s diversification efforts.

Jibrin made these comments during a debate on the amendment bill, which was sponsored by Senator Peter Nwebonyi (Ebonyi North). He lamented the current trend of exporting raw materials without adding value, stating that this practice benefits other countries’ economies while undermining Nigeria’s own.

“Raw materials are being exported, developing other economies instead of utilizing our own capacity, capital, and technical resources for processing. By failing to do this, we are weakening our economy and supporting the growth of others,” he noted.

He explained that if the bill is enacted, it would require that at least 30 percent of raw materials be processed domestically. This, he believes, will invigorate the economy by generating jobs and revitalizing the real sector. “Mandatory processing will lead to the emergence of numerous industries, halting the export of unprocessed materials,” he stated.

Jibrin highlighted that this change would open more factories, create jobs, and generate additional revenue for the government, ultimately leading to a more robust economy. He urged his fellow senators to back the bill, emphasizing its potential benefits for economic revitalization and diversification.

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