Bank of Industry (BOI), one of Nigeria’s development finance institutions, and the Raw Materials Research and Development Council (RMRDC) have signed a partnership agreement to strengthen Nigeria’s agricultural value-chain with the attendant implications for food security and boosting the Gross Domestic Product (GDP) on a sustainable basis in the years ahead.
The signing of a Memorandum of Understanding (MoU) between both organisations last Friday was sequels to previous engagements between key stakeholders of both agencies over the past months.
Specifically, the deal seeks to enhance the value addition of key agricultural commodities and raw materials by addressing challenges in critical areas such as value chain development, harvesting, post-harvest losses, seedlings, cultivation, storage, processing, packaging, logistics, and marketing.
The initiative aligns with BOI’s mission to support the growth of the Nigerian economy, entrench national goals of reducing post-harvest losses, drive promotion of import substitution, improve the nation’s GDP, enhance wealth sustainability through job creation, and foster entrepreneurship and industrial capacity in the country.
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To ensure the sustainability of the MoU, the parties have established a Joint Steering Committee to oversee the implementation of the objectives which include the development of a comprehensive strategy for minerals value-chain, agricultural value-chain development covering seed development, cultivation, post-harvest management, processing, packaging, and market access; and facilitate the adoption and scaling of RMRDC’s locally developed machinery for raw materials value-chain development.
According to the MoU, to address the challenges of post-harvest losses, the partners will develop a framework that improves storage, processing, logistics, and undertakes joint feasibility studies and pilot projects for key commodities such as onions, cassava, kenaf, leather, kaolin, and other industrial raw materials.
Speaking during the signing of the MoU, the Managing Director/CEO of Bank of Industry, Dr. Olasupo Olusi, enthused: “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. 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.
“In practical terms, this means identifying and developing raw material-based opportunities across agro-processing, solid minerals, and industrial inputs, and channeling BOI financing to the entrepreneurs and enterprises ready to process local resources into finished and semi-finished goods. Nigeria’s raw materials should not be leaving our shores as commodities. They should be leaving as products.
“At BOI, we are ready. Ready to co-identify opportunities, structure financing, and support the 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”, the banker added.
Commenting on the pact, the Director General/CEO of the RMRDC, Prof. Martin Ike-Muonso, said: “We, at the Raw Material Research and Development Council, deeply appreciate this relationship, and we are thrilled to initiate the formalisation process.
“We are uniting on key aspects, primarily focusing on value exchange development and promoting the advancement of process technologies. These elements serve as the foundation for industrialisation, the creation of prosperity, and the generation of employment, along with all the indicators that guarantee that people live the kind of lives that they deserve.
“The future, the prosperity, the happiness of this country, partially lies in your hands (BOI). So, by accepting to work with us to finance this, we are very grateful. We are also grateful that you’re taking us in to work together in co-designing, in co-sharing, data sharing, co-service programmess, and joint implementation of these programmes, as well as joint efforts on advocacy.
“So, by coming up strongly to say you are going to finance and work with us on this, it gives hope, and then it gives hope to the country and all the people who believe that this project will work”, the researcher added.
Photo Caption
Managing Director and Chief Executive Officer of the Bank of Industry (BOI), Dr. Olasupo Olusi (left), and Director General/CEO, Raw Materials Research Development Council (RMRDC), Prof. Nnanyelugo Martin Ike-Muonso, signing the Memorandum of Understanding (MoU) between BOI and the council at BOI headquarters last Friday in Lagos
