The Nigeria bank of industry has launched a N5 billion naira cottage agro processing fund for small holder agric industries, businesses and entrepreneurs at a media briefing in Lagos on the 18th of September, 2014. The aim of the fund is to promote small-to-medium scale entrepreneurs engaged in first, second and third level agro-processing activities that provide value chain concept to the farmers, create off-farm employment, help stabilize local markets, improve hygienic standards for marketed products and/or facilitate market access for low technology agro-processing Farm-to-Fork spectrum activities that can be carried out using relatively simple technologies.
Mr Rasheed Olaoluwa, the Managing Director/Chief Executive Officer of the bank who spoke at the event said that the new dedicated fund which is first of its kind by the Bank of Industry, was in fulfilment of the bank’s commitment to set in motion distinctive funds targeted at particular sectors and customer segments in order to deepen its penetration and enhance its support of significant sectors of the nation’s economy.
The Bank of Industry Cottage Agro-Processors (CAP) Fund provides agro-processors with the best solutions to access cheap finance and technology to convert our agricultural advantage to economic prosperity. The agro processing sector consists of processing products such as cassava, oil palm, paddy rice, groundnut, yam, maize, sorghum, cocoa, sheanut, plantain, cashew, hides and skin, meat, chicken and fish and many more. This sector would see an adoption of improved and validated food processing technologies, enforcement of good standards of quality and hygiene and regulatory instruments that would assist local agro-processing industries to compete favourably on the international market.
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