The Raw Materials Research and Development Council (RMRDC) estimates Nigeria could tap into a $2.65 trillion global market by boosting domestic processing and manufacturing. Such efforts would support industrialization, generate employment, and fuel economic expansion.
Speaking on the matter, RMRDC Director-General Professor Nnanyelugo Ike-Muonso highlighted 30 key value chains with vast potential. These include 12 agricultural sectors worth $932 billion, 11 mineral-based industries valued at $1.352 trillion, and seven circular-economy chains estimated at $366 billion.
Value Chains and Economic Opportunities
Professor Ike-Muonso warned that Nigeria misses out on substantial economic gains by shipping raw commodities abroad instead of refining them locally. The nation’s heavy dependence on imported industrial materials further stifles growth.
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. Raw material imports rose to $20.5 billion in 2025, about six times the 2020 figure.
The RMRDC leader pointed to agriculture, solid minerals, and industrial waste as critical sources for industrial growth. Nigeria produces over 63 million metric tonnes of cassava annually but allows more than 80 per cent of agricultural produce to leave farms without adequate processing.
Industrial Transformation and Investment Opportunities
Among high-potential commodities, Professor Ike-Muonso emphasized cocoa, cashew, sesame, palm oil, and cotton for local manufacturing. In the mining sector, he identified more than 44 commercially viable minerals across over 500 locations, including lithium, gold, barite, bitumen, iron ore, and limestone.
With proper beneficiation and refining, these resources could support steel production, battery manufacturing, electrification, and advanced industries. The country also generates over 32 million tonnes of solid waste annually, which could serve as valuable industrial inputs.
The director-general encouraged investors to explore opportunities in industrial starch, textiles, rubber products, petrochemicals, lithium processing, steel production, battery recycling, and waste conversion. To address challenges, 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).
The proposed legislation would encourage local processing before export, while NISSRAMP would provide information on raw material availability, location, and quality. Professor Ike-Muonso 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. The RMRDC chief stressed the importance of workforce development, merit, and improved working conditions, noting the establishment of a training school for staff and rewards for winners of the RMRDC Innovation Challenge.
