CBN Seeks Private Sector Partnership to Boost Value Addition in Nigeria’s Raw Materials Sector
The Central Bank of Nigeria (CBN) has announced plans to deepen collaboration with the private sector to enhance value addition across the country’s raw materials value chain. The move is part of broader efforts to accelerate industrialisation and reduce investment risks in the sector.
Speaking at the 10th anniversary edition of The Bullion Lecture organised by the Centre for Financial Journalism, the CBN Director of Statistics, Usman Okpanachi, said the apex bank is prioritising stronger data systems, improved policy coordination, and deeper stakeholder engagement to boost investor confidence in Nigeria’s raw materials ecosystem.
He explained that the CBN’s role will focus more on creating an enabling environment rather than direct market intervention. According to him, reliable data and strong partnerships remain essential to driving long-term reforms and improving economic outcomes.
“We are making progress… it is not when we are at the level of the final outcome that we could judge ourselves as successful,” Okpanachi said, adding that collaboration with the private sector would help reduce risks in the raw materials space and attract more investment into processing and manufacturing.
He also reaffirmed the bank’s willingness to share lessons from past development finance interventions to support the growth of value chains that can increase industrial output and private sector participation.
Also speaking at the event, the Director General of the Raw Materials Research and Development Council (RMRDC), Nnanyelugo Ike-Muonso, stressed the urgent need for Nigeria to shift from exporting raw commodities to industrial processing and innovation-led production.
He proposed a legal framework mandating at least 30% local processing of raw materials before export, arguing that such a policy would help retain more value within the domestic economy and create jobs.
According to him, Nigeria must prioritise value chain development—from extraction to manufacturing—to achieve sustainable economic growth, stronger job creation, and improved exchange rate stability.
Chairman of the occasion, Dele Kelvin Oye, also noted that global supply chain disruptions and geopolitical tensions have exposed the risks of Nigeria’s import-dependent economy. He called for accelerated efforts to localise production and strengthen domestic manufacturing capacity.
He added that recent policy moves, including restrictions on raw shea nut exports and proposed value-addition legislation, signal a positive shift toward industrial reform and economic resilience.
source: Leadership