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Nigerian Senate passes bill requiring local processing of 30% raw materials before export.
The Nigerian Senate has passed the second reading of a bill that would require local processing of at least 30% of raw materials before exportation.
Sponsored by Senator Peter Nwebonyi, the bill aims to amend the Raw Materials Research and Development Council Act of 2022, boosting local manufacturing, creating jobs, and reducing dependence on imports.
However, concerns about the bill's practicality in sectors without local processing capacity have been raised.
4 months ago
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