Nigeria’s rubber industry is set for a comeback, powered by government commitment and a major international summit. The Federal Government has vowed to resuscitate the sector, aiming to tap into the booming global demand for sustainable rubber and carve out a significant share of the market. This push aligns with President Buhari’s Eight Point Agenda for diversifying the economy beyond oil.
Doris Uzoka-Anite, Minister of Industry, Trade and Investment, made the announcement while hosting the Secretary-General of the International Rubber Study Group (IRSG). Nigeria is poised to host the IRSG’s 55th Annual Assembly and the 2024 Rubber Summit from May 20-24, 2024, showcasing the country’s potential to investors and industry leaders.
The Minister expressed optimism that the summit will galvanize action towards a vibrant and profitable rubber industry. She emphasized the potential for job creation, increased foreign exchange earnings, and improved livelihoods for stakeholders across the value chain.
Uzoka-Anite acknowledged the challenges facing the sector, calling for collaboration and synergy among stakeholders to mobilize resources, knowledge, and expertise. This collaboration, she noted, will drive up rubber production and value addition in line with international best practices to meet the global demand for sustainable rubber.
The IRSG Secretary-General, Joseph Adelagan, echoed the Minister’s sentiments, highlighting the potential of the Nigerian rubber industry to attract significant investment. He acknowledged the availability of funding but pointed out the need for better project proposals to access these resources. Many projects, he noted, fail to meet the criteria due to poorly written proposals.
This news comes amidst renewed energy within the Nigerian rubber industry. The government’s commitment, coupled with the upcoming IRSG summit and the focus on sustainable practices, creates a promising path for revitalizing the sector and claiming its rightful share of the global rubber market, while simultaneously boosting the local economy and leveraging the opportunities presented by the African Continental Free Trade Area (AFCFTA).
