The Deputy President of the Senate, Barau Jibrin, has said the Raw Material Development Act amendment bill when passed into law would help in economic growth of the country.
Senator Jibrin said when amended, citizens would have work. He stated that the country’s diversification agenda would be actualized through the bill.
He stated this on Tuesday while contributing to the debate on the Raw Material Development Act Amendment Bill sponsored by Senator Peter Nwebonyi (Ebonyi North).
The Deputy Senate President regretted that most raw materials are leaving the country without value addition while growing economy of other countries.
“Raw materials are exported out of this country to develop other economies, whereas we have the capacity, even capital, technical resources to process these raw materials. And by not doing so, we are undermining our economy while allowing for the promotion of other economies.
‘But once this bill is passed it will now be mandatory that the raw material must be processed here, at least 30 percent. this will energize economy by providing jobs, by promoting our real sector, our real sector will be energized, will be up and running.
“Several industries will emerge because it will now be mandatory and stop this attitude of taking raw materials outside the shores of this country. That this raw material should be processed here, value addition should take place.
“And once we do that more factories will be opened, more jobs created, more revenue will be accrued to the government, people will be engaged, the economy will become buoyant,” he said.
Senator Jibrin, therefore, urged his colleagues to support this bill because it will do good for the economy.
“It will help our economy. It will reenergize our economy, our economy will be diversified,” he added.