According to the minister, the loan forms part of the N10bn approved by President Goodluck Jonathan as special intervention fund to support and drive the cassava bread initiative of the Federal Government.
Speaking during the commissioning the headquarters building of the Nigeria Cassava Growers Association in Abuja, Adesina said the soft loan would be provided to stakeholders along the various cassava value chains, including cassava growers, processors, wheat-cassava composite flour millers, farm equipment suppliers and other investors in the industry through the Bank of Agriculture, BOA, and Bank of Industry, BOI, at 5 per cent interest rate over a three to four year period.
The funds, which are handled by the Bank of Agriculture (BOA), will help cassava growers in the country to produce the quantity needed to meet the 20 per cent cassava flour inclusion in bread.
Adesina said that the Bank of Agriculture was set to begin the disbursement of the N2. 4 billion to cassava growers and processors at 5% interest rate.
According to him, 300 Agriculture Equipment Hiring Enterprises (AEHE) located in cassava production clusters were made available by the Ministry, as part of the cassava initiative intervention fund.
Adesina hopes that future Nigerian millionaires and billionaires will emerge from agriculture, explaining that about N240 billion would be saved with the 20% infusion of cassava and sorghum into bread.
