Hon. Ojuawo Seeks Additional Value to Raw Materials and Mineral Resources.

Hon. Ojuawo Seeks Additional Value to Raw Materials and Mineral Resources.

The Honourable member representing Ekiti South Federal Constituency 1, Hon. (AVM Rtd) Ojuawo Rufus Adeniyi, has sought additional value to be added to our raw materials and mineral resources before exportation.

In a motion of urgent national importance moved on the floor of the house, Hon. Ojuawo asked the Federal Government to review its exportation and importation policy to allow our natural resources and raw materials to always have additional value before exportation.

He highlighted the importance of additional value as a means to further strengthen the hemorrhaging economy by creating more jobs and revenue for the nation. 'It is imperative that we stop the exportation of our raw materials and natural resources to foreign nations without additional value that could enhance their market value and strengthen our economy at home. The policy needs to be overhauled to allow additional value that will create jobs, revenue, and stimulate our economy for growth and development. We can't be import-dependent without creating additional value to our own natural resources that will increase our Gross Domestic Product. Creating additional value will further open the economy to technological innovation and transfer that will further reduce import dependence.'

Hon. Ojuawo, however, urged the house to seek an end to this by imposing a ban on all unprocessed raw materials from leaving the country, among other measures proffered on the floor of the house. 'I urge the house to impose a ban on all unprocessed raw materials from leaving the country and also call on the Federal Government to introduce policies and incentives that will make the creation of additional value attractive to investors and foreign partners. Moreover, let the house direct the relevant committee of the house to conduct an investigation into the current practices and challenges related to the exportation of raw materials out of our country and refer this motion to the appropriate committee for further legislative work with a given timeline.'

The house unanimously directed all relevant committees of the National Assembly to look into the current practices and challenges in the exportation of all unprocessed raw materials to aid the house's intervention and guidance in policy formulation that will lead to the development and growth of the economy.