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By Stella Azi and Moyofoluwa Ogunyemi
The Managing Director Bank of Industry (BOI) Dr. Olasupo Olusi, has pledged willingness to partner with the Raw Materials Research and Development Council (RMRDC) in local content value chain development to boost local manufacturing in Nigeria. The MD made this pledge when the Director General, Raw Materials Research and Development Council Prof. Nnanyelugo Martin Ike-Muonso and his team paid him a courtesy visit at his office, BOI House, 23 Marina Street, Lagos Island, Lagos State, on Thursday, November 28, 2024.
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Receiving the guests, Dr. Olusi who congratulated the Prof. Ike-Muonso on his new office as the DG. RMRDC, commended the efforts of RMRDC for being in the forefront of promoting industrial growth and development through promoting local content exploration and optimal utilization.
He informed that BOI is a leading development finance institution, with the mission to transform Nigeria’s industrial sector by proving financial and business support, and being that the Council shares the same in the vision of BOI, the Institution is willing to partner to promote this common course; which is industrials development.
Earlier in his opening statements, the DG RMRDC Prof. Ike-Muonso who did not hide his elation at the warm welcome, said that being at BOI was home, considering that both organizations are in pursuit of a similar goal. He said that BOI play a critical role in addressing challenges faced by the nation’s industrial sector, and that the meeting was strategic, highlighting the synergy between the role of BOI in providing financial support for industrial growth and RMRDC focusing on sourcing, identification, development/value addition and utilization of local raw materials for industrial input in Nigeria.
Prof. Ike-Muonso noted that RMRDC had recently developed a comprehensive database of resource endowments in the country which have been categorized based on SMEs characterization, while using the information to cluster small-holder business owners and operators, including agro raw material-producers, artisanal miners and others in the solid minerals sector.
He further noted that RMRDC currently operates the largest machine and equipment development facility in West Africa, located in the RMRDC Research and Demonstration Plant Complex in Abuja.
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The DG therefore pointed out that the Council wish to request for two key interventions from the BOI: Direct support to SMEs at the cluster level; and Intervention funds to develop processing technologies and equipment for value- addition to catalyze critical projects capable of enhancing productivity and efficiency along several agricultural and mineral sector value-chains.
The working visit, which is a continuous attempt by the present administration to foster collaboration with critical stakeholders, according to him, was an avenue for both organizations to explore potentials and possible areas of collaboration in driving industrial development through targeted projects funding and technological interventions.
The DG reemphasized that what the Council seek aligns with the mandate of BOI. He assured the MD that the Council is in collaboration with private organizations, manufacturers, SMEs to see this vision come to fruition.
Prof. Ike-Muonso then invited the Managing Director and his team to visit and have a tour of the RMRDC Technology Demonstration Plant Complex located at airport road Abuja, to see first-hand the strides of the Council.
