From Charity Nwakaudu, Abuja
The Director-General of the Raw Materials Research and Development Council (RMRDC), Professor Nnanyelugo Ike-Muonso, announced that the implementation of new tax incentives will reduce cost burdens on industries that innovate, build, and manufacture using locally sourced solutions.
Speaking at a press briefing in Abuja, Professor Ike-Muonso stated that the tax incentive guidelines aim to foster Research and Development (R&D) and the utilisation of local raw materials in Nigerian industries. He highlighted that the policy’s approval signals the government’s commitment to creating fertile ground for sustainable industrial innovation and economic diversification.
“The Raw Materials Research and Development Council has now received full and formal approval to implement the much-anticipated guidelines for tax incentives targeted at fostering Research and Development (R&D) and the utilisation of local raw materials in Nigerian industries. This is more than a policy milestone—it is a transformative moment. A clarion call to Nigerian researchers, manufacturers, innovators, and entrepreneurs,” he said.
The DG emphasised that the new framework will encourage companies to invest in R&D activities and reward them for using Nigerian-sourced raw materials, thereby reducing reliance on imports, strengthening the local value chain, and creating opportunities for local suppliers and producers.
“For decades, the RMRDC has spearheaded the mission to harness Nigeria’s abundant raw material resources as a catalyst for industrial development. We have persistently advocated for policies that would incentivise industries to invest in local research, local talent, and local resources. The incentive is designed to reduce cost burdens on industries that dare to innovate, build, and manufacture with locally sourced solutions,” he added.
Ike-Muonso expressed gratitude to Chief Uche Nnaji, Minister of Innovation, Science and Technology, and Mr. Wale Edun, Minister of Finance, for their unwavering commitment to advancing national innovation. He noted that the approval reflects meaningful inter-ministerial collaboration, underscoring the power of synergy between science and fiscal strategy, and innovation and economic planning.
Leave a comment