Nigeria’s Industrial Awakening: Path to Economic Sovereignty

Abstract

This article investigates the impact of Nigeria’s industrial awakening on path to economic sovereignty at a crossroads. Our economy, shackled to a colonial model of raw material exports, hemorrhages value while others profit from our resources. In 2023, non-oil exports generated just $4.8 billion, with raw commodities like cocoa, cashew, and sesame accounting for 80%. These goods, when processed, command up to five times the price, yet Nigeria processes less than 10% of its cocoa and 20% of its cashew. The RMRDC 30% value-addition bill is our path to economic sovereignty The Raw Materials Research and Development Council (RMRDC) Bill, now before the National Assembly, mandates 30% local value addition for exports and restricts the importation of raw materials that are available locally. This is not a minor adjustment. It is a transformative leap toward industrialization, job creation, and economic sovereignty.