Nigeria’s push for industrialisation and economic diversification has received a boost as the Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) formalised a strategic partnership aimed at strengthening the country’s agricultural value chain and increasing its contribution to Gross Domestic Product (GDP).
The collaboration was cemented through the signing of a Memorandum of Understanding (MoU), marking the culmination of extensive engagements between both institutions.
Focus on value addition and industrial growth
The agreement is designed to tackle longstanding bottlenecks across Nigeria’s agro-processing ecosystem, with a strong emphasis on value addition to raw materials. Key focus areas include harvesting efficiency, reduction of post-harvest losses, improved seedlings and cultivation practices, as well as advancements in storage, processing, packaging, logistics, and marketing.
By aligning research capabilities with financing mechanisms, both organisations aim to accelerate the transformation of agricultural commodities into finished and semi-finished goods, thereby reducing reliance on raw exports.
Bridging research and financing
Speaking at the signing, BOI Managing Director and CEO, Olasupo Olusi, highlighted the complementary strengths of both institutions.
He noted that while RMRDC brings deep expertise in raw materials research and development, BOI provides the financial capacity to convert viable ideas into bankable and executable industrial projects.
According to him, the partnership will enable the identification and development of opportunities across agro-processing, solid minerals, and industrial inputs, with financing directed toward enterprises capable of transforming local resources into higher-value products.
He emphasised that Nigeria must move away from exporting raw commodities and instead focus on exporting finished products that retain more value within the domestic economy.
Driving industrialisation and job creation
On his part, Director-General/CEO of RMRDC, Nnanyelugo Martin Ike-Muonso, described the agreement as a critical step toward advancing industrialisation.
He stated that the partnership would prioritise value chain development and the promotion of process technologies—key drivers of economic growth, job creation, and improved living standards.
Toward a more resilient economy
The BOI–RMRDC alliance underscores a broader policy direction focused on leveraging local resources to drive industrial expansion. By integrating research, innovation, and financing, the initiative is expected to support new factories, stimulate enterprise development, and retain more economic value within Nigeria.