Nigeria moves to end raw export culture with BOI–RMRDC alliance

The Bank of Industry (BOI) and the Raw Materials Research and Development Council have entered into a strategic partnership aimed at strengthening Nigeria’s agricultural value chain and boosting economic growth.

The collaboration was formalised through the signing of a Memorandum of Understanding (MoU), following extensive engagements between both institutions.

The agreement is designed to enhance value addition across key agricultural commodities and raw materials, while addressing challenges in areas such as cultivation, harvesting, post-harvest losses, storage, processing, packaging, logistics, and marketing.

Speaking at the signing, BOI Managing Director/CEO, Olasupo Olusi, said the partnership combines the strengths of both organisations to drive industrial development.

“This partnership brings together two institutions with complementary strengths—RMRDC’s expertise in raw materials research and BOI’s capacity to finance viable industrial projects. Together, we can convert research into bankable ventures that create jobs and retain wealth within Nigeria,” he said.

Olusi explained that the initiative would focus on identifying opportunities in agro-processing, solid minerals, and industrial inputs, while providing financing support to businesses capable of transforming local raw materials into finished and semi-finished goods.

“Nigeria’s raw materials should not be exported as commodities but as value-added products,” he added, noting that BOI is prepared to support enterprises that will drive this transformation.

Also speaking, Director-General/CEO of RMRDC, Nnanyelugo Martin Ike-MuonsoOlasupo Olusi, described the partnership as a significant step toward industrialisation and economic prosperity.

“We are excited to formalise this collaboration, which focuses on value chain development and the advancement of processing technologies. These are critical to industrial growth, job creation, and improving the quality of life for Nigerians,” he said.

The partnership is expected to accelerate the development of Nigeria’s raw materials sector, reduce dependence on exports of unprocessed commodities, and strengthen the country’s overall economic performance.