By JKNewsMedia
STRATEGIC PARTNERSHIP to strengthen Nigeria’s agricultural value chain and boost Gross Domestic Product (GDP) has been sealed between the Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) following the signing of a Memorandum of Understanding (MoU) on April 17, 2026.
JKNewsMedia.com reports that the agreement marked the culmination of extensive engagements between key stakeholders of both institutions and seeks to enhance value addition of key agricultural commodities and raw materials while addressing challenges in value chain development, harvesting, post-harvest losses, seedlings, cultivation, storage, processing, packaging, logistics and marketing.
The initiative aligns with the BoI’s mission to boost the Nigerian economy, entrench national goals of reducing post-harvest losses, drive promotion of import substitution, improve GDP, enhance wealth sustainability through job creation and foster entrepreneurship and industrial capacity.
To ensure sustainability, the BoI said it had established a Joint Steering Committee (JSC) to oversee implementation of objectives including development of a comprehensive strategy for minerals value chain and agricultural value chain development covering seed development, cultivation, post-harvest management, processing, packaging and market access, as well as facilitating adoption and scaling of locally developed machinery by the Raw Materials Research and Development Council.
It says the agreement also provides for development of a framework to improve storage, processing and logistics while undertaking joint feasibility studies and pilot projects for commodities including onions, cassava, kenaf, leather, kaolin and other industrial raw materials.
Managing Director and Chief Executive Officer, BoI, Dr Olasupo Olusi, said the partnership brings together two institutions with complementary strengths, stating that “RMRDC’s deep expertise in raw materials research and development, and BoI’s capacity to translate viable projects into financed, executable industrial investments” will enable both organisations to convert research into bankable projects that add value, create jobs and retain wealth within the economy.
He said the collaboration would identify and develop raw material-based opportunities across agro-processing, solid minerals and industrial inputs, while channeling financing to enterprises ready to process local resources into finished and semi-finished goods, adding that “Nigeria’s raw materials should not be leaving our shores as commodities. They should be leaving as products.”
Olusi added that the BoI is ready to co-identify opportunities, structure financing and support enterprises to deliver industrial outcomes, noting that the collaboration will be reflected in factories, jobs and retained value.
Director General and Chief Executive Officer, RMRDC, Prof Nnanyelugo Martin Ike Muonso, said the council appreciates the relationship and is initiating the formalisation process focused on value chain development and advancement of process technologies.
He stated that the collaboration centres on co designing, data sharing, co service programmes, joint implementation and advocacy, adding that the commitment to finance and work together “gives hope to the country and all the people who believe that this project will work.”
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