New Law: 30% Local Processing
The Senate has passed a bill to require 30% local processing of raw materials before export. This law aims to reduce Nigeria's dependence on exporting unprocessed raw materials and promote local manufacturing. The bill is expected to be signed into law by President Tinubu in November.
What Happened
The Senate passed a bill requiring 30% local processing of raw materials before export, to be signed into law by President Tinubu.
Who Is Affected
The law will promote local manufacturing, create jobs and strengthen African economies, affecting industries and workers in Nigeria and Africa.
What Happens Next
The law is expected to generate over 1.2 million skilled jobs within five years and add at least $1.2bn annually to non-export earnings.
New law to promote local processing and create jobs
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