Bank of Industry (BoI), Nigeria’s foremost Development finance institution and the Raw Materials Research and Development Council (RMRDC) have sealed a strategic partnership agreement to strengthen Nigeria’s agricultural value-chain and boost country’s Gross Domestic Product (GDP) value.

The agreement was formalised on April 17 with the signing of a Memorandum of Understanding (MoU) between both organisations.

The agreement was the culmination of extensive engagements between key stakeholders of both institutions and seeks to enhance the value addition of key agricultural commodities and raw materials, addressing challenges in critical areas such as value chain development, harvesting, post-harvest losses, seedlings, cultivation, storage, processing, packaging, logistics, and marketing.

The initiative aligns with BoI’s mission to boost the Nigerian economy, entrench national goals of reducing post-harvest losses, drive promotion of import substitution, improve the nation’s GDP, enhance wealth sustainability through job creation, and foster entrepreneurship and industrial capacity in the country.

To ensure the sustainability of the MoU, BoI has established a Joint Steering Committee to oversee the implementation of the objectives which include: the development of a comprehensive strategy for minerals valuechain, agricultural valuechain development, covering seed development, cultivation, post-harvest management, processing, packaging, and market access, and facilitate the adoption and scaling of RMRDC’s locally developed machinery for raw materials value-chain development.

To address the challenges of post-harvest losses, the agreement ensures the development of a framework that improves storage, processing, logistics, and undertakes joint feasibility studies and pilot projects for key commodities such as onions, cassava, kenaf, leather, kaolin, and other industrial raw materials.

Speaking at the signing of the MoU, the Managing Director/CEO of Bank of Industry, Dr. Olasupo Olusi said, “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.

Together, we can do what each institution cannot do as effectively on its own. We can convert research into bankable projects that add value, create jobs, and retain wealth within our economy.