The Raw Materials Research and Development Council, RMRDC has projected over 36 billion naira on importation of raw materials and products from 2016 to 2020, if Nigeria does not develop its raw materials.
A RMRDC latest report on National Strategy for Competitiveness in Raw Materials and Products Development in Nigeria this in Abuja.
According to the report, a study on the compendium, cost, insurance and freight of raw materials, products imported into the country in the past six years was compiled which covered 97 broad categories of UN double digit commodity classification.
The report said that with the level of dependency on importation, the country would have challenges in funding import bill for the period.
It, however, said that the country needed to develop an evidence-based strategy for government’s intervention and to reduce the importation of raw materials and products.