Federal Ministry of Agriculture and Rural Development And Bank of Industry
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.
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.
Abuja Corporate Office
Plot 256, Zone A O,
Off Herbert Macaulay Way,
Behind Unity Bank,
CBD, Abuja FCT
Owo Road, P.M.B 804,
Tel: 034 24 2114 ,216108
Plot 25,block 111,
Phase IV Okpanam Road,
P.M.B 5099, Asaba,
Tel: 056 281015
Tel: 077 543166, 543288
47 Coal City Estate
Behind CBN Building, Enugu State.
18, Warf Road,
P.M.B 2141, Kaduna,
Tel: 062 246993, 246994