Business

CPPE Spots Flaws in RMRDC Raw Materials Bill, Calling for its Withdrawal

Dr Muda Yusuf, the Director/ CEO of CPPE, said: ” The RMRDC involvement in trade policy matters is an aberration. Besides, the bill has a very weak value proposition.

Published

1 year ago

April 23, 2025

OCHEFA

403 Views

The Centre for the Promotion of Private Enterprise (CPPE) has critiqued the Raw Materials Research and Development Council [RMRDC] Bill in the National Assembly, calling for its withdrawal.

The RMRDC Bill proposed by Senator Peter Onyekachi Nwaebonyi, which aims to ensure local processing of at least 30 percent of Nigeria’s raw materials before exportation, has received overwhelming support from the Manufacturers Association of Nigeria, and other stakeholders during the public hearing organized by the Senate Committee on Science and Technology, held on Wednesday, March 5, 2025.

However, Dr Muda Yusuf, the Director/ CEO of CPPE, said: ” The RMRDC involvement in trade policy matters is an aberration. Besides, the bill has a very weak value proposition.

The CPPE advises the RMRDC to withdraw the bill.

Dr Yusuf urged the National Assembly to encourage the RMRDC to focus on its core mandate of raw materials research to offer the most cost-effective raw materials option for manufacturers.

Dr Yusuf explained that the RMRDC Bill currently before the National Assembly has the prospect of creating significant adverse and unintended consequences for Nigerian exporters and manufacturers.

What study has been done to determine the local processing capacity for each category of primary products currently being exported?

What metrics would be used to determine raw materials that manufacturers would be allowed to import into the country?

What is the effective time frame for implementation?Is it within the mandate of the RMRDC to promote the ban on exports or imports?

The position of the CPPE is that this bill raises more questions than answers.

It is a very simplistic proposition that has not taken into account the critical challenges of manufacturing, processing,, and value addition in the Nigerian economy. “

Related Topics:Featured Raw Materials Bill RMRDC

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Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

5 hours ago

June 30, 2026

Charles Flames

22 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

9 hours ago

June 30, 2026

OCHEFA

18 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”