The Federal Government has launched the Nigeria Raw Materials Management Information System, a digital platform designed to enhance industrialization, attract investment, and optimize the country’s raw material resources.
The initiative, spearheaded by the Raw Materials Research and Development Council, is expected to bring in $30bn in investments over the next decade through efficient resource management.
Speaking at the launch in Abuja on Tuesday, the Minister of Innovation, Science, and Technology, Uche Nnaji, emphasized the potential of the RMMIS to transform Nigeria’s economic landscape.
“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. It will also attract investors, potentially bringing in $30bn in investments over the next decade through efficient resource management,” Nnaji stated.
He highlighted how the lack of comprehensive data on raw material reserves, quality, and locations has hindered industrial growth, leading to high import dependence and reduced investor confidence.
“Manufacturers struggle to source reliable local inputs, while investors hesitate due to limited resource visibility. Researchers and innovators also face challenges in developing new products without comprehensive data,” the minister noted.
With the RMMIS, he added, policymakers would have access to empirical data for targeted policies, which could increase semi-processed mineral exports to $9bn by 2030.
Additionally, the agriculture, mining, and manufacturing sectors could maximise raw material use, fostering job creation and boosting investments by $20bn in the next decade.
The initiative is also expected to conserve foreign exchange reserves, potentially saving $10 bn annually while strengthening the naira.
The Minister of State for Industry, Trade, and Investment, Senator John Enoh, stressed the critical role of data in economic development, drawing parallels with leading global companies.
“The difference between countries and companies that have data and those that don’t is massive. This initiative marks a significant milestone in our journey towards self-reliance and sustainable economic development,” he said.
Enoh acknowledged the industrial challenges Nigeria faces due to inadequate data and record-keeping.
He stated, “We must recognize that our industrial manufacturing sector operates at a median of about 5 per cent capacity due to challenges in sourcing raw materials.
This underutilization cripples our economy and denies people job opportunities,” he explained.