The Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) have formed a strategic alliance to enhance Nigeria’s agricultural value chain and increase the country’s Gross Domestic Product (GDP).
The partnership was sealed on Friday through a Memorandum of Understanding (MoU) signed by both institutions. The agreement followed extensive consultations between stakeholders from BOI and RMRDC and targets greater value addition for key agricultural commodities and industrial raw materials.¹
Scope of the Collaboration
The MoU is designed to tackle bottlenecks across the entire chain, from seedling development and cultivation to harvesting, post-harvest handling, storage, processing, packaging, logistics, and marketing. It also covers solid minerals and other industrial inputs critical to manufacturing.
Speaking at the signing ceremony, BOI Managing Director Olasupo Olusi said the collaboration will help both organisations turn research findings into viable, funded projects that create value, generate jobs, and keep wealth within Nigeria.²
“This partnership brings together two institutions with complementary strengths. RMRDC has deep expertise in raw materials research and development, while BOI has the capacity to translate viable projects into financed, executable industrial investments. Together, we can convert research into bankable projects that add value, create jobs, and retain wealth in our economy,” Olusi stated.
He stressed that Nigeria’s resources should leave the country as finished or semi-finished goods, not as raw commodities. BOI, he added, is prepared to co-identify opportunities, structure financing, and back enterprises that will deliver real industrial results.³
Structure and Implementation
To ensure the MoU delivers measurable outcomes, BOI has set up a Joint Steering Committee with RMRDC. The committee will oversee implementation of core objectives, including:
- Value Chain Strategy: Developing a comprehensive plan for minerals and agricultural value chain growth.
- Technology Adoption: Facilitating the uptake and scaling of locally developed RMRDC machinery for raw materials processing.
- Post-Harvest Solutions: Creating a framework to improve storage, processing, and logistics to cut post-harvest losses.
- Pilot Projects: Conducting joint feasibility studies and pilot schemes for priority commodities such as onions, cassava, kenaf, leather, kaolin, and other industrial raw materials.
The initiative supports BOI’s broader mandate to strengthen the Nigerian economy by reducing post-harvest losses, promoting import substitution, raising GDP, creating sustainable wealth through jobs, and building industrial capacity.
RMRDC’s Position
RMRDC Director General Nnanyelugo Ike-Muonso described the partnership as a foundation for industrialisation and prosperity. He said both bodies are aligning on value chain development and the promotion of process technologies that enable local production.
“These elements are the foundation for industrialisation, the creation of prosperity, and the generation of employment. They are the indicators that ensure people live the kind of lives they deserve,” Ike-Muonso said.
He noted that joint implementation will not only create employment but also move the country toward economic prosperity. He expressed appreciation for BOI’s commitment to finance and co-design programmes, share data, run joint service schemes, and pursue advocacy efforts together.
“The future and prosperity of this country partly lie in your hands. By agreeing to finance and work with us on this, you give hope to the country and to all who believe this project will work,” he added.⁴
Next Steps
The Joint Steering Committee will begin by mapping high-impact commodity chains and identifying entrepreneurs ready to process local resources. Both institutions agreed to track progress through factory openings, jobs created, and value retained locally.