In a recent move on the floor of the House of Representatives, Hon. (AVM Rtd) Ojuawo Rufus Adeniyi, representing Ekiti South Federal Constituency 1, has called for the federal government to review its policies on the exportation and importation of raw materials and mineral resources.
Hon. Ojuawo emphasized the importance of adding value to these natural resources before exportation as a means to strengthen the nation’s economy. He highlighted that the current practice of exporting raw, unprocessed materials denies the country the opportunity to create more jobs, generate additional revenue, and stimulate economic growth through technological innovation and transfer.
“It is imperative that we stop the exportation of our raw materials and natural resources to foreign nations without additional value that could enhance their market value and strengthen our economy at home,” Hon. Ojuawo stated. “The policy needs to be overhauled to allow additional value that will create jobs, revenue, and stimulate our economy for growth and development.”
To address this issue, Hon. Ojuawo urged the House to consider imposing a ban on the exportation of all unprocessed raw materials. He also called on the federal government to introduce policies and incentives that will make the creation of additional value more attractive to investors and foreign partners.
The House unanimously directed its relevant committees to investigate the current practices and challenges related to the exportation of raw materials, with the aim of formulating policies that will lead to the development and growth of the Nigerian economy.
