BOI, RMRDC seal pact to deepen Agro-industrial value chains

By: Amarachi Okonkwo 

Nigeria’s push to industrialise its vast natural resource base received a boost as the Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) formalised a strategic partnership aimed at unlocking value across the agricultural and raw materials ecosystem.

The collaboration, sealed through a Memorandum of Understanding signed on April 17, 2026, is designed to strengthen value addition, reduce inefficiencies, and catalyse investment across key segments of Nigeria’s agro-industrial landscape.

According to a joint statement, the agreement focuses on addressing long-standing bottlenecks spanning the entire value chain—from harvesting and post-harvest handling to processing, packaging, logistics, and market access. The partners said the initiative followed months of technical engagements to identify gaps limiting productivity and competitiveness in critical commodities.

At the core of the partnership is a shared objective to curb post-harvest losses, promote import substitution, and enhance Nigeria’s Gross Domestic Product (GDP) through increased domestic processing of raw materials. The initiative is also expected to stimulate job creation, support entrepreneurship, and expand the country’s industrial capacity.

To ensure effective execution, BOI has constituted a Joint Steering Committee that will coordinate implementation, develop bankable strategies for agricultural and mineral value chains, and facilitate the adoption of locally developed processing technologies. The committee is also expected to guide investment prioritisation and monitor project outcomes.

The agreement further provides for joint feasibility studies and pilot projects targeting high-impact commodities, including onions, cassava, kenaf, leather, and kaolin. These pilot initiatives will test scalable models for improving storage systems, processing efficiency, and logistics networks—areas widely seen as critical constraints to Nigeria’s agro-industrial growth.

Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, said the partnership represents a strategic alignment of complementary capabilities needed to transform Nigeria’s resource base into industrial output.

“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,” Olusi said.

He noted that the collaboration would focus on converting research outputs into commercially viable ventures by channeling financing to enterprises engaged in processing local raw materials into finished and semi-finished goods.

Read Also:

• afc-secures-100m-india-exim-loan-to-power-infrastructure-push
• Nigeria-imports-61-7m-barrels-of-us-crude-despite-shipping-millions-abroad

“Nigeria’s raw materials should not be leaving our shores as commodities. They should be leaving as products,” he added, emphasising BOI’s readiness to structure financing solutions and support enterprises capable of driving industrial outcomes.

On his part, Director-General and Chief Executive Officer of RMRDC, Nnanyelugo Martin Ike-Muonso, described the agreement as a critical step toward advancing industrialisation and economic prosperity.

“We are uniting on key aspects, primarily focusing on value chain development and the advancement of process technologies. These elements form the foundation for industrialisation, job creation, and improved living standards,” Ike-Muonso said.

He highlighted the importance of collaboration in areas such as data sharing, programme co-design, and joint implementation, noting that BOI’s commitment to financing the initiative provides confidence in its success.

Analysts say the partnership could mark a turning point if effectively implemented, particularly in reducing Nigeria’s dependence on imported finished goods and improving export earnings through value-added products. 

However, they caution that sustained policy support, infrastructure improvements, and private sector participation will be critical to achieving long-term impact.

With Nigeria seeking to diversify its economy beyond oil, the BOI–RMRDC alliance underscores a growing emphasis on leveraging domestic resources to drive inclusive growth and industrial transformation.