Nigeria’s Bank of Industry Provides $31m Fund For Agric-based SMEs Nigeria’s Bank of Industry has launched a N5 billion ($30.5 million) Cottage Agro Processing (CAP) Fund which the bank’s Managing Director Rasheed Olaoluwa says will be used to aid operators in the sector as well as assist prospective young Nigerians who want to go into farming to establish mini mills for processing agro products such as cassava, cashew, oil palm, rice paddy, and several others. The Bank of Industry Limited (BOI) is Nigeria’s oldest and largest development financing institution charged with providing financial assistance for the establishment of large, medium and small projects; as well as expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing industries. Reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, the BOI’s initial share capital of N50 billion ($305.3 million) was increased to N250 billion ($1.5 billion) in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate. To achieve this mandate, the BOI said it established the Cottage Agro-Processors Fund to support the establishment of cottage agro processing plants that will produce food products and raw materials for industries within and outside the Staple Crop Processing Zones (SCPZs) across Nigeria. Read more: ventures-africa/2014/09/nigerias-bank-of-industry-provides-31m-fund-for-agric-based-smes/
Posted on: Sat, 27 Sep 2014 11:00:01 +0000
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