The Bank of Industry has entered into a partnership with the Raw Materials Research and Development Council to drive value addition in Nigeria’s key sectors and stimulate economic growth.
The agreement, formalised through the signing of a Memorandum of Understanding on Friday, reflects a shared commitment to linking research outputs with industrial financing. It follows a series of engagements between both institutions aimed at strengthening the processing of local raw materials into finished and semi processed goods.
Managing Director of the Bank of Industry, Olasupo Olusi, said the collaboration is designed to convert research findings into viable, fundable ventures that can generate employment and retain wealth within the country. He noted that Nigeria must move beyond exporting unprocessed resources and instead build capacity for local production.
Olusi explained that the arrangement brings together the council’s expertise in raw materials development and the bank’s ability to finance large scale industrial projects. He added that the bank is ready to support businesses that can translate ideas into practical outcomes across agriculture, solid minerals and manufacturing.
The scope of the partnership includes improving activities across the value chain, from cultivation and input development to storage, processing, packaging, distribution and market access. It also seeks to reduce post-harvest losses and address long standing inefficiencies in logistics and supply systems.
To ensure effective implementation, both parties have set up a joint committee to coordinate programmes and track progress. The body will guide strategies for agricultural and mineral resource development, while also promoting the use of locally designed processing equipment.
In addition, the partnership will undertake feasibility studies and pilot projects in selected commodities such as cassava, onions, kenaf, leather and kaolin, with the goal of boosting productivity and expanding industrial output.
Director General of the Raw Materials Research and Development Council, Nnanyelugo Ike Muonso, said the initiative would strengthen the link between research and industry, encouraging innovation and enterprise development. He expressed optimism that the collaboration would create jobs, support local industries and contribute to long term economic stability.
