By| Goodluck E.Adubazi | Abuja
In a major move aimed at revitalising Nigeria’s economy, the Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) have signed a strategic partnership to strengthen the nation’s agricultural value chain and accelerate economic growth.
The agreement was formalised on Friday, April 17, 2026, with the signing of a Memorandum of Understanding (MoU), marking the culmination of extensive engagements between both institutions.
The partnership is designed to enhance value addition across key agricultural commodities and raw materials, while tackling long-standing challenges in areas such as cultivation, harvesting, post-harvest losses, storage, processing, packaging, logistics, and marketing.
Officials say the initiative aligns with BOI’s broader mandate to stimulate economic development by reducing post-harvest losses, promoting import substitution, creating jobs, and fostering entrepreneurship and industrial capacity across Nigeria.
To ensure effective implementation, BOI has established a Joint Steering Committee that will oversee the execution of the agreement. The committee is expected to develop comprehensive strategies for both agricultural and mineral value chains, including seed development, processing, packaging, and improved market access.
It will also drive the adoption of locally developed machinery by RMRDC to support raw materials processing.
As part of efforts to address post-harvest losses, the partnership will develop frameworks to improve storage systems, logistics, and processing capacity.
Joint feasibility studies and pilot projects will also be conducted on key commodities such as onions, cassava, kenaf, leather, and kaolin.
Speaking at the signing ceremony, BOI Managing Director and Chief Executive Officer, Olasupo Olusi, described the partnership as a convergence of complementary strengths.
“This collaboration allows us to convert research into bankable projects that add value, create jobs, and retain wealth within our economy,” he said. “Nigeria’s raw materials should not be exported merely as commodities, but as finished and semi-finished products.”
Olusi added that the bank is ready to identify viable opportunities, structure financing, and support enterprises capable of transforming local resources into industrial outputs.
In his remarks, Director General of RMRDC, Nnanyelugo Martin Ike-Muonso, welcomed the collaboration, noting that it would advance process technologies and drive industrialisation.
“We are uniting on key aspects of value chain development and technological advancement, which are critical to creating prosperity, employment, and improving quality of life,” he said.
He expressed optimism that the partnership would deliver tangible benefits, adding that BOI’s commitment to financing and joint implementation provides renewed hope for the success of the initiative.
The agreement is expected to play a significant role in repositioning Nigeria’s agricultural and industrial sectors, with stakeholders anticipating increased productivity, job creation, and sustained economic growth.
