Post by Trade facilitator on Dec 7, 2013 21:57:52 GMT 1
The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina and the Managing Director of Bank of Agriculture, Dr. Mohammed Santuraki, yesterday signed a N2.4 billion intervention fund’s Memorandum of Understanding (MoU) as part of ongoing efforts to boost cassava productivity and meet the country’s needs for Cassava bread and export potentials at the international markets.
This is even as another N4.3billion intervention fund agreement is also to be signed between the ministry and the Bank of Industry for the purposes of developing productive capacity among Small and Medium Enterprises (SMEs) involved in cassava flour processing, assist master bakers to get High Quality Cassava Flour (HQCF) at lower cost and also committed to social marketing, amongst other needs in the cassava bread value chain.
Speaking on the Cassava bread investment agreement in Abuja, the minister said the move became imperative as the country continued to take a look inward in meeting the domestic need of High Quality Cassava Flour (HQCF) required to substitute wheat as a major bread component and ensure the successful implementation of the ongoing cassava bread policy in the country.
Specifically, he explained that the fund, which cassava farmers and bakers would access on 50-50 grant/loan basis, will address four main interventions namely, upgrade of the HQCF for the first 35 SME plants out of the inventoried 153 and price support mechanism/ guaranteed minimum price for the HQCF production; upgrade of baking equipment; social marketing and Research and Development (R&D).
The minister disclosed that in line with the ministry’s commitment to transparency and accountability in all its operations, particularly to ensure the delivery of the various interventions, an oversight committee, comprising of the 13 stakeholders in the cassava value chain, to manage the fund which would be delivered by the BOA and the BoI will be set up.
Adesina said it was against the backdrop that the MoU was being signed by the parties as a strategic step towards setting agenda for the implementation and deadlines for the delivery.
According to him, at least 29,500 farmers would directly benefit from the intervention fund across the country, adding that out of the amount, N796 million would be used to support agro-input dealers, N920 million to support farmers on mechanisation of cassava farming and 708million for planting materials. He lamented the huge food import bill which he said amounted to about one trillion Naira yearly.
Source: NATIONAL MIRROR
This is even as another N4.3billion intervention fund agreement is also to be signed between the ministry and the Bank of Industry for the purposes of developing productive capacity among Small and Medium Enterprises (SMEs) involved in cassava flour processing, assist master bakers to get High Quality Cassava Flour (HQCF) at lower cost and also committed to social marketing, amongst other needs in the cassava bread value chain.
Speaking on the Cassava bread investment agreement in Abuja, the minister said the move became imperative as the country continued to take a look inward in meeting the domestic need of High Quality Cassava Flour (HQCF) required to substitute wheat as a major bread component and ensure the successful implementation of the ongoing cassava bread policy in the country.
Specifically, he explained that the fund, which cassava farmers and bakers would access on 50-50 grant/loan basis, will address four main interventions namely, upgrade of the HQCF for the first 35 SME plants out of the inventoried 153 and price support mechanism/ guaranteed minimum price for the HQCF production; upgrade of baking equipment; social marketing and Research and Development (R&D).
The minister disclosed that in line with the ministry’s commitment to transparency and accountability in all its operations, particularly to ensure the delivery of the various interventions, an oversight committee, comprising of the 13 stakeholders in the cassava value chain, to manage the fund which would be delivered by the BOA and the BoI will be set up.
Adesina said it was against the backdrop that the MoU was being signed by the parties as a strategic step towards setting agenda for the implementation and deadlines for the delivery.
According to him, at least 29,500 farmers would directly benefit from the intervention fund across the country, adding that out of the amount, N796 million would be used to support agro-input dealers, N920 million to support farmers on mechanisation of cassava farming and 708million for planting materials. He lamented the huge food import bill which he said amounted to about one trillion Naira yearly.
Source: NATIONAL MIRROR
