Nigeria yet to benefit from $5 trillion industrial chemicals sector - FG

• Published date: 22 January 2023
• Publication title: Nigeria - The Nation

NIGERIA is yet to benefit from the $5 trillion global Industrial chemicals sector which also generates 20 million jobs globally.

According to the National Research Institute for Chemical Technology (NARICT), an agency under the Ministry of Science, Technology and Innovation, Nigeria is still unfortunately heavily dependent on the importation of industrial chemicals.

NARICT said instead, the country spends $1.4 billion importing such chemicals into the country.

Director General/Chief Executive Officer (CEO) NARICT, Prof. Jeffery Barminas said this in Abuja at the agency's special day as part of the ongoing technology and innovation expo.

He said, 'In addition, the chemical industry plays a dominant role in the global economy, being responsible for more than $5 trillion in revenue and 20 million jobs worldwide. Unfortunately, Nigeria is heavily dependent on the importation of industrial chemicals which makes it not benefit from the global chemical market.

'In 2020, the World Bank Group reported importation of industrial chemicals...