Business

Nigeria Poised for Industrial Breakthrough Driven by Innovation and Indigenous Technologies – RMRDC DG

Published

3 months ago

August 4, 2025

By Joel Ajayi

Nigeria is on the cusp of a major industrial transformation, powered by innovation, indigenous technology, and the ingenuity of its people, says Professor Nnanyelugo Martin Ike-Muonso, Director-General of the Raw Materials Research and Development Council (RMRDC).

Speaking at the Investors Forum on Commercialisation of Indigenous Technologies held at the Council’s Research and Demonstration Plant Complex (RDPC) in Abuja, Prof. Ike-Muonso said the nation’s industrial future looks promising—thanks to years of research and development now ready for commercial adoption.

“Fifty years ago, the vision of an industrialised Nigeria seemed distant, hampered by resource dependency and an underdeveloped manufacturing sector. But today, I see a Nigeria on the brink of a new era—one anchored on the innovation and resourcefulness of our people,” he stated.

The DG noted that RMRDC has remained committed to its mandate of harnessing Nigeria’s vast raw material base to drive sustainable industrial growth. According to him, the Council has invested extensively in research, development, and technology demonstration to shift Nigeria from an exporter of raw materials to a producer of value-added goods.

He revealed that several indigenous technologies are now ready for commercial scale-up, including: Castor Oil Processing, Plaster of Paris (POP), Artemisia annua Extraction, Soap Noodles Productionand Caustic Soda (Sodium Hydroxide)

“This forum is more than just an exhibition of successful pilot projects,” Prof. Ike-Muonso said. “It is a call to action. We invite industrialists and investors to engage with our experts, witness live demonstrations, and evaluate the strong investment potential of these technologies. We are open to private sector collaborations, technical partnerships, and joint ventures to scale these innovations both nationally and globally.”

He also emphasized the potential impact of the 30% Value Addition Bill, which has passed the Senate and awaits concurrence in the House of Representatives. The legislation, once enacted, is expected to significantly boost local content and value addition across Nigeria’s raw materials ecosystem.

Earlier, Mr. Adamu Yaro Mohammed, Director of the Investment Promotion and Consultancy Services Department and head of RDPC, highlighted the Centre’s strategic role in advancing Nigeria’s industrialisation. He urged participants to explore the commercial and technical viability of the showcased technologies.

The event featured technical presentations, including one by Dr. Mohammed Lawal Buga titled “Commercialisation of Research and Development Outputs.” He emphasized that while research is a tool for discovery and problem-solving, commercialisation is the bridge linking innovation to industry—enabled by the “Triple Helix” model, which connects academia, government, and the private sector.

Another presentation, “Unlocking Wealth from Within: Commercialising Indigenous Technologies for Raw Materials Processing in Nigeria,” by Dr. Obekpa, underscored the untapped potential within Nigeria’s research and development ecosystem.

He showcased innovations from key institutions, including:
RMRDC: Acha processing machines, bamboo pulp line, ceramic kiln

FIIRO: Bread improver, cassava flash dryer, soy milk production system

NASENI: Solar inverters, agricultural sprayers, foundry technology

PRODA: Gas cookers, ceramic tiles, industrial dryers

NCAM: Palm oil expellers, rice threshers

Dr. Obekpa also acknowledged the policy and funding challenges hindering commercialisation and called for stronger institutional support.

Several stakeholders in attendance—including representatives from NACCIMA, NEXIM Bank, NEPC, and MSMEs—commended RMRDC’s progress and advocated broader media engagement to raise public awareness.

In his remarks, Mr. Chukwuma Ngaha, Director of Corporate Affairs, praised the DG’s leadership, noting that RMRDC has initiated strategic programmes aimed at reshaping Nigeria’s raw material value chains.

The forum concluded with a guided tour of the RDPC facilities. Participants expressed admiration for the scale, sophistication, and innovation on display, and called for increased national attention and investment in the Council’s initiatives.

While giving votes of thanks Deputy Director of RDPC, Mr. Muktar, appreciated all participants for their support and active engagement.

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

2 weeks ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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