Home Agriculture FG saves N254bn from cassava flour for bread baking

FG saves N254bn from cassava flour for bread baking

by Business News Report

Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, said Nigeria saved N254 billion through the substitution cassava flour in bread baking  Adesina said made this known at the 2013 Ministerial Platform, a mid-term report on the progress and achievements of President Goodluck Jonathan’s administration, in Abuja on Friday.

According to him, the country has also trained master bakers on the application of the cassava flour in bread baking. He said that government had encouraged market growth by instituting the 40 per cent high quality cassava flour requirements in wheat bread. He said investment opportunity abound for investors to build new cassava processing plants to capture share in the growing market.

“Processing is a highly lucrative segment of the cassava value chain. An initial investment of approximately 30 million dollars is required to set up a plant with 75, 000  tonnes starch capacity or 50,000 tonnes sweetener capacity,’’ he said. Adesina said the Federal Government was working to ensure that sufficient cassava raw materials were available for intending processors. He pointed out that government would facilitate low interest rates for processors and also implement other financial incentives such as tax holidays and capital allowances. The minister noted that a number of leading indigenous and global firms had indicated interest in the market for cassava starch in Nigeria. Adesina said that the Federal Government would establish `Staple Crops Processing Zones’ (SCPZ) across the country as incentive to these investors.

“Government has decided to provide the necessary infrastructure such as dedicated power lines and road networks and a one-stop-shop for business set up and registration. He said that the cassava subsector was expected to reach 8.5 billion dollars before the year 2020.

Related Posts

Leave a Comment