CEM REPORT, AGROFOOD | Nigeria’s rubber industry, once a sleeping giant, is set to awaken. The federal government is injecting new life into this crucial sector, aiming to transform it from a neglected afterthought into a thriving engine of economic growth.
This ambitious vision is not just wishful thinking; it’s backed by concrete plans and a major international event – the 55th Annual Assembly of the International Rubber Study Group (IRSG) and the 2024 Rubber Summit, set for May 20-24 in Nigeria.
The 2024 Rubber Summit
The summit will be a catalyst for change. By attracting international investors, experts, and stakeholders, it will showcase Nigeria’s rubber potential and ignite a wave of investment.
“The event will attract prospective interest and investment that will revamp and reposition the Nigerian Rubber Value-Chain Sub-sector,” declared Doris Uzoka-Anite, Minister of Industry, Trade and Investment.
Uzoka-Anite is optimistic that this event will be a turning point, “prospecting 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.”
“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,” declared Doris Uzoka-Anite, Nigeria’s Minister of Industry, Trade and Investment.
Her words echoed through the halls of Abuja as she welcomed Joseph Adelagan, Secretary General of the International Rubber Study Group (IRSG), who paid a courtesy call and witnessed the inauguration of the Local Organising Committee (LOC) for the upcoming IRSG 55th Annual Assembly and 2024 Rubber Summit.
Nigeria boasts ideal conditions for rubber production. Lush rainforests, abundant sunshine, and fertile soil provide the perfect canvas for rubber trees to flourish. Yet, despite this innate potential, the industry has long suffered from underinvestment, outdated infrastructure, and a lack of value addition. This untapped potential is precisely what the government aims to unleash.
The benefits of a thriving rubber industry extend far beyond mere economic growth. It promises to create thousands of jobs, boost foreign exchange earnings, and improve the lives of countless Nigerians.
“This is with the view to leverage the global demand for sustainable rubber exploit and a considerable share of the global rubber market,” emphasized Uzoka-Anite.
Imagine a future where Nigerian-made tires roll on roads across the world, where rubber products from footwear to medical equipment bear the proudly Nigerian stamp.
Challenges remain, however. Adelagan highlighted the 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 includes addressing issues like access to funding, outdated technology, and the need for skilled workers.
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But the obstacles are not insurmountable. With the government’s commitment, the industry’s potential, and the collaborative spirit of stakeholders, Nigeria’s rubber renaissance is not just a possibility, but a certainty. The IRSG summit will be the first step on this journey, a chance to rewrite the narrative and carve a new path for the Nigerian rubber industry.
This is not just about rubber; it’s about resilience, innovation, and a nation’s determination to tap into its own potential. Nigeria’s rubber revolution is a story waiting to be written, and the world is watching with anticipation.
