The federal government has pledged to rejuvenate Nigeria’s rubber industry as part of its strategic plans to boost the non-oil sector in alignment with President Eight Point Agenda.
Additionally, the government is set to host the International Rubber Study Group’s (IRSG) 55th Annual Assembly and the 2024 Rubber Summit, scheduled to take place from May 20-24, 2024, in Nigeria.
Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, made this announcement during a courtesy visit by the Secretary-General of the International Rubber Study Group in Abuja. The Minister also inaugurated the Local Organizing Committee (LOC) for the upcoming international event.
Uzoka-Anite emphasized that hosting the IRSG Assembly and Rubber Summit will attract potential interest and investments, fostering the revitalization and repositioning of the Nigerian Rubber Value-Chain Sub-sector.
”The goal is to enhance production, industrial processing, and indigenous value addition for local use, the African Continental Free Trade Area (AFCFTA), and other targeted export destinations,” she noted.
The Minister expressed optimism that the visit and the international event would lead to actionable strategies for creating a sustainable and prosperous rubber industry in Nigeria.
She stated, “Your visit will create an avenue for identifying the challenges facing the rubber value chain and exploring strategic ways to proffer lasting solutions to these challenges.”
Uzoka-Anite highlighted the potential positive effects of developing the rubber value chain, including job creation, increased foreign exchange earnings, and improved stakeholder living standards.
Joseph Adelagan, Secretary-General of the IRSG, emphasized the potential of the rubber industry to attract the right investment to Nigeria.
He noted that funding is available for rubber production but highlighted the challenge of access to these funds due to inadequate knowledge of writing bankable business proposals.
Adelagan expressed confidence that Nigeria can secure a considerable share of the global rubber market with the right collaborative efforts and initiatives.
