Economy: Nigeria releases 10b naira cassava bread fund - Nigeria's federal government has released 10 billion Naira (US$60.8 million) intervention fund for cassava bread production, in fulfillment of the promise it made last year, the local media reported Thursday, quoting the National President of the umbrella Nigeria Cassava Growers Association (NCGA), Mr. Segun Adewumi.
Mr. Adewunmi said the association, through its executive council and all state chairmen, had agreed to access the fund for the incoming rainy season.
He disclosed that the fund had been deposited at the Bank of Agriculture (BOA) and the Bank of Industry (BoI) for cassava growers and processors respectively.
Nigeria is the largest grower of cassava in the world, but the full potential of the commodity has not been fully utilised.
Cassava can be used to generate other by-products like starch, cosmetic and pharmaceutical materials, cake, bread and chips.
Last year, the Nigerian government promised an intervention fund for the farmers to promote the use of cassava, instead of wheat, for the production of bread.
Nigeria currently spends millions of dollars annually to import wheat.