The Bank of Industry is in negotiation with the country’s federal ministry of agriculture to invest N13 billion for rice intervention fund to boost the rice production in the Nigeria
Managing Director and Chief Executive Officer, BOI, Mr. Rasheed Olaoluwa explained that this move between the two agencies aims at establishing 10 rice mills and 6 cassava mills across the nation.
At the launching ceremony of CAP, Olaoluwa said that the BOI has invested N3.4 billion cassava bread fund which was established by the ministry of agriculture and was designed to finance 41 processing plants for High Quality Cassava Flour (HQCF).
The motive of the federal government’s Agricultural Transformation Agenda (ATA) is not only to increase the crop production but also to provide value aided food processing industries so as to create ample of job opportunities and to reduce the food import.This is the place where the both agencies intersect each other and he is happy with this engagement.
He also said that the CAP fund was aimed at the Small and Medium Industries (SMIs) at the low-technology; labor intensive end of the agro-processing spectrum, and this fund will enable the BOI to play its catalytic role of paving the way for other finance institution to follow.
Also he stated that BOI has also planned to invest in the 1000 projects under the CAP fund and has identified the priority of products for each state, also working with a number of partners for the effective operation of the fund.
CAP funds are the only beginning.The second phase after the full utilization of the initial fund will be deployed.It will create a total of 20,000 direct and indirect jobs.