Federal Ministry of Agriculture and Rural Development And Bank of Industry

Launch

N4.3 Billion Cassava Bread Fund

The bank of industry  is to manage N4.3Billion out of the N10 Billion Cassava Bread Fund approved by President Goodluck Ebele Jonathan in support of the cassava initiative designed to position Nigeria as one of the world’s leading cassava processors to match its current ranking as the world’s largest producer of cassava.

The Nigerian government is spending 4.3 billion Naira (about 27.6 million dollars) on the upgrading of small Cassava flourmills and processors. The fund is to be managed by the Bank of Industry (BOI). The Minister of Agriculture, Akinwumi Adesina and the Managing Director of the BOI, Evelyn Oputu, signed the Cassava Bread Fund agreement. It is also aimed at providing ready market for Cassava farmers.

The Cassava Bread Fund is expected to produce 5,000 bakers and many more SMEs producing Cassava flour. The provision of the fund is part of the Nigerian government’s plan to diversify the economy which is hugely dependent on Crude oil revenue.

 

UTILISATION

SUPPORT FOR MASTER BAKERS AND INDUSTRIALS BAKERS  N2.2 BILLION

Loan 50% (N1.1 Billion)

Grant 50% (N1.1 Billion)

 

UPGRADE OF 35 EXISTING SMALL CASSAVA FLOUR MILLS N1.05 BILLION

Grant 50% (N525 Million)

Loan 50% (N525 Million)

 

WORKING CAPITAL LOAN FOR MEDIUM AND LARGE CASSAVA FLOUR MILLERS N468 MILLION

 

WORKING CAPITAL LOANS FOR SMALL AND MEDIUM ENTERPRISES CASSAVA FLOUR PROCESSORS  N425 MILLION

 

Interest rate is 5%

How to Apply

Interested applicants should kindly note that this loan is not for cassava farming, but for cassava processing. kindly walk into any of our zonal offices in Lagos, Abuja, Akure, Asaba, Bauchi, Enugu and Kaduna; or call (234)-1- 2715070-99.

Bank of Industry Offices:

Headquarter Office. Lagos, NG

23 Marina Street 100221 Lagos, Nigeria.

(234)-1- 2715070-99

[email protected]

www.boinigeria.com

 

Abuja Corporate Office

BOI House

Plot 256, Zone A O,

Off Herbert Macaulay Way,

Behind Unity Bank,

CBD, Abuja FCT

Tel: 08036555681.

Akure Office

BOI house
Owo Road, P.M.B 804,
Akure,
Ondo State,
Tel: 034 24 2114 ,216108

 

Asaba Office

Plot 25,block 111,
Phase IV Okpanam Road,
P.M.B 5099, Asaba,
Delta State.
Tel: 056 281015

 

Bauchi Office

BOI house
Maiduguri road,
P.M.B.245 Bauchi,
Tel: 077 543166, 543288

Enugu Office

BOI House
47 Coal City Estate
Behind CBN Building, Enugu State.
Tel: 08065245540

 

Kaduna Office

BOI House
18, Warf Road,
P.M.B 2141, Kaduna,
Tel: 062 246993, 246994

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