The Raw Materials Research and Development Council (RMRDC) has revealed that petroleum oil, at a utilization rate of 54.6 percent, is the most utilized local mineral resource in Nigeria, while cement, bituminous coal, and tin ores follow closely in terms of local utilization.

The council stated that the agricultural sector also demonstrates high local utilization, with cane sugar leading at 56.1 percent.

The Director General of the Council, Nnanyelugo Ike-Muonso, who revealed this in Abuja during the launch of the Quarterly Statistical Bulletin Series, added that the bulletin is focused on providing data-driven insights to promote local sourcing, domestic manufacturing, and industrial development.

“Nigeria’s raw materials export trade totaled N3.9 trillion for the same period, with notable exports including petroleum oils, natural gas, and minerals such as quartz, titanium ores, and bituminous coal.

"These strong export figures highlight Nigeria’s significant role in global mineral and energy resource supply chains.

“Agricultural raw materials continue to play a vital role in Nigeria’s trade. In Q1 2024, agricultural exports reached N226 billion, led by cocoa beans, cashew nuts, and sesame seeds.

"However, agricultural imports amounted to N1.1 trillion, driven by the need for food supplements, milk preparations, and palm oil.

“Nigeria’s local raw material utilisation rates vary. Petroleum oil is the most utilised mineral with a rate of 54.6%, followed by cement, bituminous coal, and tin ores.

“The agricultural sector also shows high local utilization, with cane sugar being the most utilized at 56.1 percent. The report emphasizes the potential benefits of increasing local processing, which could reduce reliance on imports and create significant economic growth opportunities.

“On the economic impact of value addition for the period under review, according to the report, currently, Nigeria’s value addition rate stands at 25 percent, with projections indicating that increasing this rate could lead to a 15.6 percent increase in employment, a 2.2 percent rise in industrial output, and a 21.25 percent improvement in the exchange rate against the dollar”, the report added