FG Hosts International Rubber Study Group Summit

*To Resuscitate Nigeria’s Rubber Industry

The federal government is set to host the International Rubber Study Group (IRSG) 55th Annual Assembly and the 2024 Rubber Summit.

The event is scheduled to hold from May 20-24, 2024 in Nigeria as one of its strategic plans to develop the non-oil sector in line with the President Tinubu’s Eight Point Agenda .

Minister of Industry, Trade and Investment Dr. Doris Uzoka-Anite 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.

The Minister said: “It is with positive expectation that 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, AfCTA and other target export destinations”.

She was optimistic that
the visit would lead to actions that will create a sustainable and prosperous Rubber Industry in Nigeria.

The Minister said: “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, Dr Uzoka-Anite said that the development of the rubber value chain would 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 said: “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”.

The Secretary General, International Rubber Study Group, Joseph Adelagan highlighted the potentials of rubber industry giving the assurance that it could attract the right investment to Nigeria.

He said that funding was available for rubber production but access to the funds was the problem.

He also said that many people do not know how to write bankable business proposals, forms are received but not treated because they do not meet the criteria of what is needed.

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