The Bank of Industry and the Raw Materials Research and Development Council have entered into a strategic partnership aimed at strengthening Nigeria’s agricultural value chain and enhancing contributions to the nation’s Gross Domestic Product.
The collaboration was formalised through the signing of a Memorandum of Understanding, marking a major step toward addressing long standing challenges in Nigeria’s industrial and agricultural sectors. The agreement is designed to improve value addition across key commodities and raw materials, targeting critical areas such as harvesting, post harvest losses, storage, processing, packaging, logistics, and marketing.
Speaking at the event, Managing Director and Chief Executive Officer of the Bank of Industry, Olasupo Olusi, emphasized the importance of combining institutional strengths to deliver tangible economic outcomes. He noted that while RMRDC brings deep expertise in research and development, BOI provides the financial capacity to turn viable ideas into executable industrial projects.
According to him, the partnership will help convert research outputs into bankable ventures, enabling entrepreneurs to process local raw materials into finished and semi finished goods. He stressed that Nigeria must move away from exporting raw commodities and instead focus on producing value added products that create jobs and retain wealth within the country.
Olusi added that the initiative will identify opportunities across agro processing, solid minerals, and industrial inputs, while providing financing support to businesses ready to scale operations.
In his remarks, Director General of RMRDC, Nnanyelugo Martin Ike Muonso, described the agreement as a critical step toward industrialisation and economic transformation. He highlighted the focus on value chain development and process technology advancement as key drivers of sustainable growth.
He further noted that the collaboration would promote innovation, boost productivity, and support job creation, ultimately improving living standards and fostering long term prosperity.
The partnership signals a renewed push toward industrial development in Nigeria, with both institutions aiming to unlock the full potential of the country’s abundant raw material resources.
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