| dc.description.abstract | Globally, chemical industry has been playing crucial role that have revolutionized many
important aspects of human well-being. Likewise, the development of chemical industry has
had a significant economic impact, not only in the production of the chemicals and materials
themselves but in other sectors of the economy that are enabled by these products. Moreover,
the development of chemical industry in an economy has made it so valuable in contributing
towards innovation, processing and conversion of indigenous raw materials into valuable
products, which also add to the country’s’ GDP. Experience from some countries shows that
the development of chemical industries, has contributed in several ways to their economy.
In the United States (US), for instance, chemical industry has been significant to substantial
portion of the economy. Accordingly, all sectors reliant on the U.S. chemical economy are
responsible for $5.2 trillion, or 25 % of the U.S.A GDP. Also, the entire chemical enterprise
supports 4.1 million jobs in the United States. In India, its chemical industry ranks 6th in the
world in chemicals sales, contributing 3 % to the total global chemical value chain, and as
well as contributing about 6.7 % of the country’s GDP in addition to numerous jobs provided
to the citizen. As the nation clamour for economic diversification to reduce the dependency
on oil, and thereby improve its revenue generation through the non-oil sector, the
development of chemical industry remains one important area and opportunity with
enormous potential for the country to harness. Ideally, the development of chemical industry
will go a long in reducing chemical importation for which manufacturers and factory owners
spend huge sums of money annually to import needed chemicals for production. In addition,
the development of chemical industry will help in developing a robust petrochemical sector
that will utilize the bye-product that comes from petroleum in the manufacturing of both
allied, pharmaceuticals, industrial, and agricultural chemicals locally.
Thus, the analysis advanced the recommendations;
i. The current NASS may reintroduce the Bill for the Establishment of National Research
Institute for Chemical Technology Zaria which was introduced in the House of
Representatives during the 9th National Assembly and thereby expedite action to ensure its
passage. The knowledge that will be acquired from the institute will contribute in setting up
of a chemical industry that will be used for processing and conversion of indigenous
petrochemical raw materials into finished and valuable chemicals for further production in
Nigeria.
ii. Again, considering the amount of money that is being spent annually for chemical
importation, the NASS may through a motion of urgent national importance draw the | en_US |
