Reprieve has come the way of Cassava bread makers in the country as the Bank of Industry limited, BoI, offers grants and loans to the members of the Association of Master Bakers of Nigeria who have indicated interest in the Cassava Bread Fund Initiative. About 100 members of association will benefit from the fund to acquire baking equipment towards the implementation of 20 per cent cassava flour in production of bread and other confectionaries.

Rasheed Olaoluwa, managing director of the bank, said the sum of N2.2 billion was earmarked for this category of beneficiaries. Already, the sum of N989 million has been disbursed to the first batch of 100 beneficiaries, which represents 92 per cent of the approved sum of N1.074 billion. According to him, out of the remaining 74 beneficiaries, only 60 have met basic conditions precedent to facilitate the disbursement of 50 per cent grant amounting to N537.93 million. “The requests for this batch are being processed as the suppliers of equipment only provided Performance Bonds as equipment delivery guarantees recently and the funds were released last week Monday,” he said.

Also, the Bank explained that N350.0 million was earmarked for 35 High Quality Cassava Flour, HQCF, and millers for the upgrade of their mills comprising 50 per cent grant and 50 per cent loan. “The sum of N195 million in form of grant and funds for the reconfiguration of their factories has been disbursed to 20 beneficiaries who are grouped in batches of 10 each. While equipment for the first batch of 10 beneficiaries have been installed, the delivery and installation of the second batch of equipment to another 10 beneficiaries is on–going and that with the pace of work, it is expected to be completed on or before February 20, 2015,” he stated.