BIG BOOST FOR CASSAVA BUSINESS N10 BILLION FOR CASSAVA INITIATIVE- BANK OF INDUSTRY (boi) SIGNS MOU WITH MINISTRY OF AGRICULTURE AND RELEASES N4.3 BILLION FOR CASSAVA INITIATIVES.

The president has approved N10 billion for Cassava Initiatives and N4.3 billion has been released to BOI through the MOU signed with the Ministry of Agriculture.
The fund is to provide support for thousands of cassava farmers to grow cassava in commercial quantities and to thousands of master bakers to move to cassava composite flour for bread and confectioneries. The fund will also support SMEs and large industrial mills that will process cassava flour.
About 5,000 Master Bakers will be trained across the 6 geo-political zones. The money will also enable bakers to acquire new equipments like rotary ovens, chillers and mixers for cassava bread. It is estimated that over 5,000 bakers will be producing cassava bread across the country.
The federal government will cut wheat importation from 2014 by 20% and save over N127 billion from the annual wheat import bill of over N635 billion. The composite bread shall contain 20% cassava flour as from 2014. This will develop the cassava industry, create jobs and boost the income of the people.