New partnership targets value addition, job creation, and reduced raw material exports to drive economic growth……
Nigeria’s push for industrialisation has received a fresh boost as the Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) sealed a strategic partnership aimed at strengthening the country’s agricultural value chain and accelerating economic growth.
The collaboration was formalised through the signing of a Memorandum of Understanding (MoU), following months of engagement between both institutions. At its core, the agreement seeks to address long-standing gaps across the production cycle from cultivation and harvesting to processing, packaging, and market access.
The initiative places strong emphasis on value addition, with a focus on reducing post-harvest losses, improving storage systems, enhancing seed quality, and expanding processing capacity. It also targets critical bottlenecks in logistics and distribution that have historically limited the competitiveness of locally produced goods.
Speaking at the signing ceremony, BOI’s Managing Director, Olasupo Olusi, highlighted the complementary strengths of both organisations. He noted that while RMRDC brings deep technical expertise in raw materials research, BOI provides the financial backbone needed to turn ideas into viable industrial ventures.
According to Olusi, the partnership is designed to bridge the gap between research and real-sector investment by transforming promising concepts into bankable projects. He stressed that Nigeria must move away from exporting raw commodities and instead focus on producing finished and semi-finished goods that retain more value within the economy.
In practical terms, the collaboration will identify opportunities across agro-processing, solid minerals, and industrial inputs, while channeling financing to businesses capable of scaling production and driving innovation.
On his part, RMRDC Director-General, Nnanyelugo Martin Ike-Muonso, described the agreement as a critical step toward advancing process technologies and strengthening industrial capacity. He emphasized that value chain development remains central to achieving sustainable economic growth, job creation, and improved living standards.
The partnership reflects a broader shift in Nigeria’s economic strategy one that prioritizes local production, industrial expansion, and the creation of wealth through value addition rather than raw exports.
If effectively implemented, the BOI–RMRDC alliance could play a pivotal role in reshaping Nigeria’s manufacturing landscape, turning untapped raw materials into engines of growth and opportunity.
