The Minister of Innovation, Science and Technology, Hon. Uche Nnaji, has projected that the Nigeria’s Raw Materials Management Information System (RMMIS) and the Raw Materials, Research and Development Council (RMRDC) will attract $30 billion in investments over the next decade.
The minister, who made the forecast on Wednesday while unveiling the RMMIS app in Abuja, explained that the system will empower industries, reduce unemployment, and create sundry opportunities across the digital economy’s value chains.
According to him, effective adoption of the system can increase semi-processed mineral exports to $9 billion by 2030 and strengthen the nation’s research and development if properly aligned with national industrial policies
Nnaji expatiated: “It will also Attract investors, potentially bringing in $30 billion in investments over the next decade through efficient resource management; and finally, it will Strengthen research and development, helping scientists and industrialists explore new product innovations and optimize material use.
- Advertisement -
“The RMMIS is a national digital repository of real-time, accurate, and accessible data on Nigeria’s raw materials. This platform will empower manufacturers with reliable data for local sourcing, reducing import reliance and boosting domestic production”, he added.
The minister pointed out that with accurate data, the agriculture, mining, and manufacturing sectors can maximize raw material use, fostering job creation and boosting investments by $20 billion in the next decade, adding that this will conserve Nigeria’s foreign exchange reserves, potentially saving $10 billion annually while strengthening the Naira.
In addition, he explained that successful implementation of RMMIS required collective effort urging government agencies, researchers, private sector players, and development partners to actively engage, contribute data, and utilize insights to maximize the system’s impact.
In his keynote address at the event, Minister of Trade and Investment, John Owan Enoh, described data as critical for Nigeria’s economic development, stressing that there is nothing that attracts investors like adequate data.
He assured that the RMRDC would continue to support the nation’s industrialization drive with adequate data of raw materials.
Similarly, the Director-General of the RMRDC, Prof. Nnanyelugo Ike-Munonso, said the RMMIS was the first of its kind in the history RMRDC subsector, saying it is a robust technology-driven decision platform designed to enhance data-driven decision making, facilitate research and development in the country.
The Director-General further clarified: “It also contains both technical and investment information and covers more than 17,000 data points based on raw material occurring across every party of the country.”
