The Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) have entered into a strategic partnership aimed at strengthening Nigeria’s agricultural value-chain and accelerating the development of industrial raw materials, in a move expected to support economic growth and improve Gross Domestic Product (GDP).
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The partnership was formalised on Friday, April 17, 2026, with the signing of a Memorandum of Understanding (MoU), marking the outcome of months of engagements between both institutions. The agreement is designed to tackle longstanding gaps across the agricultural and raw materials ecosystem, particularly in value addition and industrial processing.
Both organisations said the collaboration will address critical bottlenecks across the value chain, including seed development, cultivation, harvesting, post-harvest losses, storage, processing, packaging, logistics, and market access. The focus is to ensure that Nigeria moves from exporting raw commodities to producing finished and semi-finished goods that retain value within the economy.
The initiative aligns with BOI’s mandate to drive economic transformation through industrial financing, while also supporting national priorities such as import substitution, job creation, and sustainable wealth generation. It also reinforces RMRDC’s role in advancing research and development for local raw materials utilisation.
To ensure effective implementation, BOI has constituted a Joint Steering Committee that will coordinate activities under the MoU. The committee is expected to develop a comprehensive strategy covering both agricultural and mineral value chains, while also facilitating the adoption and scaling of locally developed machinery by RMRDC for industrial use.
Part of the agreement includes targeted interventions to reduce post-harvest losses, a persistent challenge in Nigeria’s agricultural sector. The framework will support improved storage systems, enhanced processing capacity, and better logistics networks. It will also involve joint feasibility studies and pilot projects focused on key commodities such as onions, cassava, kenaf, leather, and kaolin, alongside other industrial raw materials.
Speaking at the signing ceremony, BOI’s Managing Director and Chief Executive Officer, Dr. Olasupo Olusi, said the partnership represents a convergence of complementary strengths between both institutions.
“This partnership brings together two institutions with complementary strengths: RMRDC’s deep expertise in raw materials research and development, and BOI’s capacity to translate viable projects into financed, executable industrial investments,” he said.
“Together, we can do what each institution cannot do as effectively on its own. We can convert research into bankable projects that add value, create jobs, and retain wealth within our economy.”
Olusi noted that the collaboration would focus on identifying viable opportunities across agro-processing, solid minerals, and industrial inputs, while ensuring access to financing for enterprises capable of transforming local resources into finished goods.
“Nigeria’s raw materials should not be leaving our shores as commodities. They should be leaving as products,” he added.
“At BOI, we are ready to co-identify opportunities, structure financing, and support enterprises that will turn this framework into concrete industrial outcomes. Let this be the beginning of a collaboration that Nigerians will feel, in the factories that open, the jobs that are created, and the value that stays here at home.”
In his remarks, the Director General and Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, described the agreement as a critical step towards advancing industrialisation and economic prosperity.
“We, at the Raw Materials Research and Development Council, deeply appreciate this relationship, and we are thrilled to initiate the formalisation process,” he said.
“We are uniting on key aspects, primarily focusing on value chain development and promoting the advancement of process technologies. These elements serve as the foundation for industrialisation, the creation of prosperity, and employment generation.”
He emphasised that the success of the partnership would depend significantly on BOI’s financing capacity and commitment to implementation.
“The future, the prosperity, the happiness of this country partially lies in your hands,” he said, referring to BOI.
“So, by accepting to work with us to finance this, we are very grateful. It gives hope to the country and to all stakeholders who believe that this project will deliver real impact.”
The collaboration is expected to serve as a model for integrating research, financing, and industrial execution, with both institutions expressing confidence that it will unlock new opportunities across Nigeria’s agricultural and industrial sectors.
