The Bank of Industry (BoI) and the Raw Materials Research and Development Council (RMRDC) have signed a Memorandum of Understanding to strengthen Nigeria's agricultural value chain and boost the sector's contribution to GDP. The agreement, formalised over the weekend in Abuja, aims to tackle challenges across value chain stages including cultivation, harvesting, post-harvest losses, processing, packaging, logistics, and marketing. BoI stated the partnership supports its mission to reduce import dependency, cut post-harvest waste, create jobs, and promote industrial investment through financing.
Dr. Olasupo Olusi, Managing Director/Chief Executive of BoI, said the collaboration combines RMRDC's research expertise with BoI's financing capacity to turn raw material opportunities into bankable industrial projects. He stated, "We can convert research into bankable projects that add value, create jobs, and retain wealth within our economy." Olusi emphasized the goal of ensuring Nigerian raw materials are processed locally into finished or semi-finished goods before export.
Prof. Nnanyelugo Martin Ike-Muonso, Director General/Chief Executive of RMRDC, described the MoU as foundational to industrialisation, job creation, and national prosperity. He highlighted joint efforts in data sharing, co-designing programmes, and advocacy as key components of the partnership. Ike-Muonso expressed gratitude to BoI for committing to finance and co-implement initiatives that support value addition in agriculture and solid minerals.
Dr. Olasupo Olusi claims research can be turned into bankable projects, yet years of similar partnerships have not visibly reduced post-harvest losses or import dependency. Prof. Ike-Muonso speaks of prosperity tied to this collaboration, but Nigerian farmers still lack access to the seedlings, storage, and processing technologies the MoU promises to advance. If value addition is truly happening, the same farmers who produce raw materials should no longer be among the poorest in the economy. The real test is not the signing, but whether factories emerge and jobs reach those outside Abuja's conference rooms.
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