BOI Launches N4.3bn Cassava Bread Fund

The Bank of Industry has launched the Federal government approved Cassava Bread fund with the responsibility of the bank to manage N4.3 billion out of the approved N10 billion.

A statement issued by the bank said the Cassava Bread fund was approved by the President, Goodluck Ebele Jonathan, in support of the cassava initiative of the Federal Government.

The statement said the initiative was designed to position Nigeria as one of the world’s leading cassava processing countries.

It said Nigeria is rated the world largest producer of cassava.

The statement added that the utilization of the fund by the bank involved support for master bakers and industrial bakers.

The fund will also be utilized for the upgrading of the existing 35 small cassava flour mills across the country while medium and large cassava flour millers are to benefit from the fund.

The statement said interest rate for the capital would be 5 per cent to small and medium enterprises, cassava flour processors upon repayment.

The federal ministry of agriculture and rural development is to directly supervise the fund implementation by the bank.

Philip Okparaji