By Stella Azi and Adaora Adibe
The Bank of Industry (BOI) and the Raw Materials Research and Development Council (RMRDC) have formalised a partnership with the signing of a Memorandum of Understanding (MoU) aimed at advancing raw materials development and industrial growth in Nigeria.
The agreement, signed on Friday, April 17, 2026 marks the culmination of earlier engagements between both institutions, including discussions initiated last year to address post-harvest losses and enhance value addition in key value chains such as onion production and other raw materials.
Director-General, RMRDC, Professor Nnanyelugo Ike-Muonso, had previously met with the Managing Director/Chief Executive Officer of BOI, Dr. Olasupo Olusi, to explore areas of collaboration. The MoU now provides a structured framework for implementing those discussions.
Speaking at the signing ceremony, Olusi welcomed the RMRDC delegation and highlighted Nigeria’s vast raw materials potential, noting that despite its abundance, the country has historically exported resources in their primary form while importing finished goods at significantly higher costs.
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“Today, we take a deliberate step to correct it,” he said. “This partnership brings together two institutions with complementary strengths: RMRDC’s expertise in research and development, and BOI’s capacity to translate viable projects into financed, executable industrial investments, “he asserted.
He explained that the collaboration would focus on transforming research outputs into bankable projects capable of generating employment, retaining economic value, and driving industrialisation.
According to him, both organisations have operated in related but separate spheres for years, RMRDC generating research and data, and BOI providing financing and execution capacity. “We are now aligning these strengths in a more structured manner to unlock opportunities in agro-processing, solid minerals, and industrial inputs,” he added.
Olusi stressed the need for Nigeria’s raw materials to be processed locally rather than exported as commodities, commending the leadership of Ike-Muonso and the RMRDC team for their commitment to bridging the gap between research and industry.
He assured that BOI would support the initiative by co-identifying viable opportunities, structuring financing, and backing enterprises capable of converting local resources into finished and semi-finished products.
Responding, Ike-Muonso described BOI as a critical partner in Nigeria’s industrialisation drive and praised the formalisation of the relationship through the MoU.
“We are coming together on three key areas: value chain development, curbing post-harvest losses, and promoting process technology development. These are fundamental to industrialisation, job creation, and economic prosperity,” he said.
Ike-Muonso expressed appreciation to BOI for its willingness to collaborate on financing, co-designing programmes, data sharing, and joint implementation, adding that both institutions would work towards developing specific actionable projects.
He also reiterated the importance of the proposed 30% value addition policy being championed by RMRDC, emphasising the need to develop the necessary technologies to support its implementation.
Members of the RMRDC delegation at the event included the Chairperson of the Local Organising Committee of the African Raw Materials Summit, Mrs. Rachel Kotso; Director, Legal and Board Services, Mrs. N. Keshi; Engr. Emmanuel Kwaya; Plant and Equipment Maintenance Division, Engr. Ettu Obassi; Lagos State Coordinator, Mrs. Ojiakor; Assistant Director, Mrs. Ebele Nwajuaku; Assistant Director, Directorate of Corporate Affairs, Mrs. Stella Azi; Assistant Director, Directorate of Corporate Affairs, Mrs. Adaora Adibe; and Principal Scientific Officer, Mrs. Moyofoluwa Ogunyemi.
