By Rukayat Moisemhe
Lagos: The Bank of Industry (BoI) and the Raw Materials Research and Development Council (RMRDC) have partnered to strengthen Nigeria’s agricultural value chain and boost the country’s Gross Domestic Product.
The Managing Director, BoI, Dr Olasupo Olusi, said on Sunday that the partnership was formalised through the signing of a Memorandum of Understanding (MoU) in Lagos.
Olusi said the collaboration was aimed at enhancing value addition across key agricultural commodities and raw materials.
He added that the partnership would address challenges in value chain development, including post-harvest losses, storage, processing, packaging, logistics and market access.
Olusi stated that 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 and improve the nation’s GDP.
He added that it would 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.
“It includes the development of a comprehensive strategy for minerals value-chain, agricultural value-chain development, covering seed development, cultivation, post-harvest management, processing, packaging, and market access.
“It also facilitates the adoption and scaling of RMRDC’s locally developed machinery for raw materials value-chain development,” he said.
Olusi said 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.
He added that it would pilot projects for key commodities such as onions, cassava, kenaf, leather, kaolin, and other industrial raw materials.
“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,” he said.
The Director-General, RMRDC, Prof. Martin Ike-Muonso, said the council was thrilled to initiate the formalisation process.
Ike-Muonso said both parties would unite on key aspects, primarily focusing on value exchange development and promoting the advancement of process technologies.
These elements, he noted, would serve as the foundation for industrialisation, the creation of prosperity, and the generation of employment, along with all the indicators that guarantee that people live the kind of lives that they deserve.
“The future, prosperity, happiness of this country, partially lies in your hands (BoI) and by accepting to work with us to finance this, we are very grateful.
“We are also grateful that you’re taking us in to work together in co-designing, in co-sharing, data sharing, co-service programmes, and joint implementation of these programmes, as well as joint efforts on advocacy.
“So, by coming up strongly to say you are going to finance and work with us on this, it gives hope, and then it gives hope to the country and all the people who believe that this project will work,” he said.(NAN)(www.nannews.ng)