BOI, RMRDC Sign Agreement to Fix Agric Value Chain Challenges, Boost GDP

News in brief:

-The Bank of Industry and the Raw Materials Research and Development Council have signed an agreement to improve agricultural value chains and industrial processing in Nigeria.

-The partnership aims to reduce post-harvest losses, promote local manufacturing and increase Nigeria’s GDP.

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

This partnership was formalised through the signing of a Memorandum of Understanding (MoU) following a series of engagements between stakeholders from both institutions.

Partnership Targets Value Chain Challenges

The agreement seeks to address key bottlenecks across the agricultural value chain, including seed development, cultivation, harvesting, post-harvest losses, storage, processing, packaging, logistics and marketing.

The initiative is expected to enhance value addition in agricultural commodities and industrial raw materials, helping Nigeria transition from exporting raw commodities to exporting finished and semi-finished products.

Financing Bankable Industrial Projects

Speaking at the signing ceremony, Managing Director of the BoI, Olasupo Olusi, said the collaboration would enable both institutions to translate research outputs into bankable projects.

According to him, the partnership combines RMRDC’s research expertise with BoI’s capacity to structure financing and support viable industrial investments.

Olusi emphasised that Nigerian raw materials should be processed locally to create jobs, generate wealth and strengthen domestic industries.

Joint Committee to Oversee Implementation

To ensure effective execution of the agreement, BOI has established a Joint Steering Committee that will supervise the implementation of the partnership.

The committee will develop strategies for agricultural and mineral value chain development, oversee post-harvest management and promote the adoption of locally developed machinery created by RMRDC.

The collaboration will also facilitate feasibility studies and pilot projects for key commodities such as cassava, onions, kenaf, leather and kaolin.

Partnership Expected to Drive Industrialisation

Director-General of the RMRDC, Nnanyelugo Ike-Muonso, said the partnership would strengthen value chain development and accelerate the adoption of process technologies.

He noted that the collaboration would support industrialisation, job creation and economic prosperity.

According to him, the joint implementation of programmes under the partnership would create opportunities for entrepreneurs and promote sustainable economic development across Nigeria.