BOI, RMRDC Seal MoU to Boost Agric Value Chain, Nigeria’s GDP

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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 in Lagos 


The Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) have signed a Memorandum of Understanding (MoU) to strengthen Nigeria’s agricultural value chain and enhance the country’s Gross Domestic Product (GDP).

The agreement, formalised on April 17, 2026, is aimed at addressing critical challenges across the agricultural value chain, including harvesting, post-harvest losses, seedling development, cultivation, storage, processing, packaging, logistics, and marketing.

The partnership, which follows extensive engagements between both institutions, is also expected to enhance value addition to key agricultural commodities and raw materials.

BOI said the initiative aligns with its mandate to stimulate economic growth, promote import substitution, create jobs, and strengthen industrial capacity in Nigeria.

As part of the agreement, a Joint Steering Committee has been established to oversee implementation. Its responsibilities include developing strategies for agricultural and mineral value-chain development, facilitating market access, and promoting the adoption of locally developed machinery by RMRDC.

The MoU also provides for joint feasibility studies and pilot projects targeting key commodities such as onions, cassava, kenaf, leather, and kaolin, among others.

Speaking at the signing ceremony, BOI Managing Director/Chief Executive Officer, Dr Olasupo Olusi, said the collaboration would bridge the gap between research and industrial application.

“This partnership brings together two institutions with complementary strengths. Together, we can convert research into bankable projects that add value, create jobs, and retain wealth within our economy,” he said.

Olusi added that the initiative would focus on identifying opportunities in agro-processing, solid minerals, and industrial inputs, while supporting enterprises to transform raw materials into finished and semi-finished products.

He stressed that Nigeria must move away from exporting raw commodities and instead focus on value-added production.

Also speaking, Director-General/Chief Executive Officer of RMRDC, Prof. Nnanyelugo Martin Ike-Muonso, described the partnership as a major step toward industrialisation and economic development.

He said the collaboration would focus on advancing process technologies, promoting value addition, and fostering job creation.

Ike-Muonso expressed optimism that the partnership would drive prosperity and improve livelihoods, noting that joint efforts in financing, data sharing, programme implementation, and advocacy would be critical to its success.

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