Business
RMRDC Boss Reaffirms Commitment to Revolutionize Nigeria’s Raw Materials Value Chain for Optimal Productivity
By Stella Azi and Moyofoluwa Ogunyemi
The Director General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo M. Ike-Muonso, has reiterated his commitment to revolutionizing Nigeria’s raw materials value chain to drive optimal productivity, particularly in the agricultural and mineral sectors. Prof. Ike-Muonso made these remarks during a working visit to the Group Managing Director of GTI Capital Group, Mr. Abubakar Lawal, on Thursday, November 28, at GTI’s headquarters in Lagos Island, Lagos State.
Speaking at the visit, the Director General emphasized the Council’s intention to strengthen its partnership with GTI Capital Group, a leading investment bank recognized for its success in advancing the rice and oil palm value chains in Nigeria.
This collaboration is aimed at implementing advanced process technologies across various raw material value chains, boosting industrial input, and reducing post-harvest losses, especially in the agricultural sector. The ultimate goal is to create a self-sustaining national economy that can thrive without heavy dependence on external resources.
Prof. Ike-Muonso highlighted the significant post-harvest losses in Nigeria, particularly in onion production, despite the nation’s comparative advantage in this sector. He emphasized that the partnership with GTI is timely, as it will allow the RMRDC to establish a sustainable framework for raw material production, aggregation, and distribution. The RMRDC brings the technical expertise needed for the project, while GTI provides the structure and financial acumen to drive the entire value chain process.
The Director General further noted that the collaboration will focus initially on the onion value chain, an important economic crop with a variety of derivatives. He revealed that the RMRDC is already actively involved in efforts to improve the onion value chain and is keen to scale up its activities in collaboration with GTI.
Engr. Emmanuel Kwaya, Director of the Technology Development Department at RMRDC, who leads the research team on processing, preservation, and storage of onions to reduce post-harvest losses, explained that around 50% of onions produced in Nigeria are wasted due to inadequate storage facilities. This amounts to an annual loss of between ₦300 billion and ₦500 billion. He stressed the need for support in developing process technologies that enhance value addition and minimize waste from farm to market. Despite Nigeria being the second-largest producer of onions in Africa, producing approximately 2 million metric tons annually (behind Egypt), the country still imports onions worth about ₦35 billion in 2024 alone.
Kwaya also shared the Council’s ongoing collaboration with a private entrepreneur and the Sokoto State Government to process onions into flakes. Currently, the facility produces 100kg of onion flakes and powder daily, but with further intervention, this could increase to 500kg per day. To achieve this, he stated, an investment of ₦150 million is needed to install an onion dryer for processing raw onions into flakes and powder.
Additionally, Kwaya highlighted the partnership with the Sokoto State Government to fabricate onion processing equipment, including machines for slicing, washing, centrifugal dewatering, tray drying, and a water treatment plant, all utilizing indigenous technology.
In his response, Mr. Abubakar Lawal, Group Managing Director of GTI Capital Group, expressed his admiration for Prof. Ike-Muonso’s appointment by President Bola Tinubu, noting that it has renewed public confidence in the RMRDC and revived hope for the country’s raw materials sector. Lawal reflected on the history of the RMRDC, acknowledging its potential as an engine of economic growth in Nigeria. He stated that, in the past, the Council had fallen short of expectations, but with the new leadership under Prof. Ike-Muonso, the vision for a reformed and thriving raw materials sector is becoming a reality.
Mr. Lawal, who was meeting with RMRDC for the first time, commended the Council’s efforts and expressed his eagerness to collaborate with them. He emphasized that GTI, as a venture capital firm with a solid structure and capacity, has the expertise to execute projects that will help transform Nigeria from a raw material-exporting nation into a semi-processed material hub.
He said, “At GTI, we create ideas, implement them, and deliver results. With the right structure in place, this partnership with RMRDC will help us achieve our goal of transforming Nigeria’s raw materials sector. The collaboration will become a catalyst for promoting competitiveness, creating jobs, and energizing the entire value chain ecosystem.”
This partnership marks a significant step toward industrializing Nigeria’s raw materials sector and enhancing its economic potential. By working together, the RMRDC and GTI aim to lay the foundation for sustainable growth in the country’s agricultural and manufacturing industries, addressing critical challenges like post-harvest losses and creating new opportunities for value-added production.
Business
FG, Investonaire Academy Unveil National Programme to Equip 100,000 Youths with Financial Skills, Digital Wealth Tools
By Joel Ajayi
The Federal Government, in collaboration with Investonaire Academy, has unveiled a nationwide financial literacy and wealth-building programme targeting more than 100,000 young Nigerians. The initiative is designed to equip participants with practical skills in budgeting, saving, investing, asset building, and long-term financial planning, positioning them for sustainable prosperity in a rapidly evolving economy.
Launched on Tuesday in Abuja, the Honourable Minister of Youth Development, Comrade Ayodele Olawande, described financial literacy as a necessary survival tool for young people confronting today’s economic realities.
He noted that the initiative represents the foundation of a broader vision expected to extend beyond Nigeria to other African nations and global markets.
Reaffirming the Federal Government’s commitment to supporting over 4,000 corps members annually, the Minister said the programme will provide platforms, resources, and skills needed for both job creation and employability.
“The young people who understand money — how to save, invest, build assets, and manage risk — are the ones who will lead Nigeria into prosperity,” he said.
A major highlight of the launch was the expansion of the Nigeria Youth Academy, a digital platform offering mentorship, training, and startup support. According to the Minister, more than 200 startups will receive empowerment through the Academy’s e-app platform before the end of the year.
He stressed the need for deeper collaboration with private organisations, innovators, and youth-focused groups, noting that government alone cannot drive youth development. He further encouraged young Nigerians to embrace skills acquisition, innovation, and digital enterprise, saying these remain critical to reducing the desire for migration and increasing self-reliance.
Outlining the Ministry’s long-term commitments, Olawande emphasized three priorities: supporting youth innovation, equipping them with growth tools, and safeguarding millions of Nigerian youths under the Ministry’s mandate.
Speaking at the launch, Sebastien Sicre, Chief Operating Officer of Investonaire Academy, said the programme was crafted to revolutionize the way Nigerian youths learn and apply financial knowledge. He highlighted the Academy’s gamified Learning Management System (LMS), which offers interactive learning tools, community forums, and real-time mentorship to make financial education engaging and accessible.
Complementing the digital platform is a new 200-square-metre physical training centre in Abuja, opposite the NNPC Towers, where in-person workshops and mentorship sessions will take place.
The curriculum covers key global asset classes — including equities, commodities, forex, and indices — ensuring participants gain a broad understanding of financial markets.
Sicre added that with Federal Government backing, the programme seeks to unlock new opportunities, strengthen youth participation in the digital economy, and reward outstanding participants through a $1 million funding pool to support new and existing ventures.
International Programme Director of Investonaire Academy, Dr. Enefola Odiba, explained that the initiative aims to bridge long-standing gaps in financial education among Nigerian youths. While schools teach many subjects, he said, essential financial skills are often missing.
“Many people can earn money — earning money can be easy. The real challenge is retaining, managing, and growing that money,” he noted.
Referencing the Central Bank of Nigeria’s definition of financial literacy, Odiba stated that implementation remains a major national challenge. He said the initiative brings together government agencies, youth groups, academic institutions, and private-sector partners to translate strategy into measurable impact.
The programme’s curriculum covers budgeting, saving, investing, and financial planning — areas where many young people struggle. By offering practical training, real-world insights, and guided mentorship, the initiative aims to build a generation of financially empowered youth capable of driving innovation, entrepreneurship, and sustainable economic growth.
With this partnership, the Federal Government and Investonaire Academy share a common goal: to empower young Nigerians with the financial intelligence and digital tools needed to build wealth, grow businesses, and transform the nation’s economic future.
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