Prof. Benard Odoh, a former secretary to the Ebonyi State government, has stated that Nigeria must use its skilled workforce to remain competitive in the global raw materials market. Odoh pointed out that the global supply chain for essential raw materials is under pressure due to geopolitical tensions, environmental regulations, and logistical limitations. With President Bola Tinubu appointing Prof. Nnayelugo Ike-Muonso as the director general of the Raw Materials Research and Development Council (RMRDC), he emphasised the perfect fit for the position.
Being a Geophysicist, Odoh stressed the importance of embracing Innovation in the processing and utilisation of natural resources to maintain competitiveness on a global scale. He emphasised the importance of involving specialists in key fields to assist the federal government in reaching its ambitious goals of advancing the country’s scientific and technological capabilities. During a conversation with the press in Abuja, he noted that Ike-Muonso’s practical knowledge in scientific investigation indicates the government’s enthusiasm to participate in global strategic planning to enhance the country’s Economic Development through the complex relationships between global natural materials economics and supply chain operations.
RMRDC leadership requires an understanding of supply and demand economics.
According to Odoh, natural resources are crucial to the country’s economic progress, acting as the foundation for various industries. They spark creativity, promote innovation, and notably impact the country’s Gross Domestic Product (GDP) growth. By utilising Prof. Ike-Muonso’s economic knowledge, he suggested that the council enhance its research and development strategies to coincide with the country’s economic objectives and priorities more closely. He emphasised that his experience as an economics professor makes him well-equipped to steer the research council through the complex terrain of the global natural resources markets.
Effective leadership at the RMRDC relies heavily on grasping the economics of Supply and Demand, pricing mechanisms, and the macroeconomic effects of natural resources. His statement emphasised that the appointee’s skills and knowledge would guarantee that the council bases its decisions on data, keeping in sync with global patterns and the country’s goals. He also mentioned that the global energy industry is encountering major challenges in its supply chain, especially concerning important materials such as nickel, Lithium, and rare earth elements. He stated that these resources are crucial for developing Renewable Energy technologies and electric vehicles.
Robust measures must be in place to ensure raw materials’ sustainability.
In addition, a comprehensive strategy is essential to optimise resource utilisation on a global scale. This includes enhancing extraction and processing capabilities through investments in advanced technologies and Infrastructure. This can elevate production efficiency and quality, boosting competitiveness in worldwide markets. Collaborating with international firms can promote Technology transfer and best practices, improving Productivity and Sustainability. Countries can ensure effective resource management and maximise economic benefits by adopting a multifaceted approach that integrates innovation, strategic partnerships, and sustainable practices.
Promoting research and development within local industries will also boost innovation, enabling the country to develop value-added products that can command higher prices globally. It must also implement robust measures to ensure its resources’ sustainability and ethical sourcing to maintain a competitive edge. This includes adhering to environmental regulations and adopting practices that minimise ecological impact, which is increasingly important to global consumers and corporations. Establishing transparent supply chains through Blockchain technology can help trace the origin and movement of resources, ensuring they are responsibly sourced.
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Moreover, they should prioritise the development of local talent by investing in Education and training programs that equip the workforce with the necessary skills to drive the country’s resources sector forward. Additionally, it must actively participate in international forums and Trade negotiations to secure favourable terms for its resources and exports. By engaging with organisations such as the World Trade Organization (WTO) and various regional trade blocs, they can advocate for policies that reduce trade barriers and promote fair competition. Collaborating with other resource-producing countries can strengthen Nigeria’s global market bargaining power.
