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

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.
Business
NEXIM Bank Secures Bbb+ Rating from Agusto & Co., Declares ₦30.47 Billion Operating Profit

By Joel Ajayi
The Nigerian Export-Import Bank (NEXIM) has been assigned a Bbb+ rating by leading credit rating agency Agusto & Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.
For the year ended 2024, NEXIM Bank reported an operating profit of ₦30.47 billion, more than double the ₦13.75 billion recorded in the previous year. This remarkable growth underscores the Bank’s financial resilience and operational efficiency.
Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).
The Bank has sustained strong liquidity and capital adequacy ratios, alongside notable growth in its loan book and equity investments. Key sectors supported include manufacturing, agriculture, solid minerals, and services.
According to Managing Director, Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over ₦495 billion and facilitating the creation and sustenance of more than 36,000 direct and indirect jobs.
Among the Bank’s key initiatives are:The Regional Sealink Project: A public-private partnership designed to improve maritime logistics across West and Central Africa. Promotion of Factoring Services: Offering alternative export financing solutions for SMEs. And Joint Project Preparation Fund (JPPF): Implemented in partnership with Afreximbank to enhance the bankability of export projects.
Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, aimed at unlocking export potential and boosting foreign exchange earnings.
With its renewed drive, NEXIM Bank remains committed to building local processing capacity, advancing Nigeria’s competitiveness in global trade, and strengthening non-oil export revenues by moving up the commodity value chain.
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