The federal government has promised to resuscitate the Nigeria Rubber Industry as one of its strategic plans to develop the non-oil sector in line with President Eight Point Agenda.
To Host International Rubber Study Group Summit
The government is also set to host the International Rubber Study Group (IRSG) 55th Annual Assembly and the 2024 Rubber Summit scheduled to be held from May 20-24, 2024 in Nigeria.
Doris Uzoka-Anite, Minister of Industry, Trade and Investment said this when the Secretary-General of the International Rubber Study Group paid a courtesy call on her in Abuja and also inaugurated the Local Organising Committee (LOC) for the upcoming event.
According to the Minister, the event will attract prospective interest and investment that will revamp and reposition the Nigerian Rubber Value-Chain Sub-sector, towards increased production and industrial processing as well as Indigenous Value addition for local use, African Continental Free Trade Area (AFCFTA) and other target Export destinations.
She expressed optimism that the visit will lead to actions that will create a sustainable and prosperous Rubber Industry in Nigeria.
“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”
Speaking further, Uzoka-Anite noted that the development of the rubber value chain will resuscitate the country’s rubber industry, multiplying a positive effect on the overall Nigerian economy which is geared towards creating job opportunities, increasing foreign exchange earnings and improving stakeholders’ standard of living.
She also pointed out that “To address these challenges there is a need for concerted efforts from all relevant stakeholders through collaboration and synergy to mobilize resources, knowledge and expertise that will promote the up-scaling of rubber production and value addition in line with global best practices.
“This is with the view to leverage the global demand for sustainable rubber exploit and a considerable share of the global rubber market,” she said
In his remarks, Joseph Adelagan, Secretary General, International Rubber Study Group (IRSG), highlighted the potential of the rubber industry giving the assurance that it can attract the right investment to Nigeria, adding that funding is available for rubber production but access to these funds is the problem.
He noted that many people do not know how to write bankable business proposals, and forms are received but not treated because they do not meet the criteria of what is needed. This was According to a press statement signed by Terhile-Sende Magdarlyn for the Director, Press and Public Relations, Ministry of Industry, Trade and Investment.
