Abuja - In a bid to secure its food security, Nigeria requires US$30 million to establish new cassava processing plants, a government official said this over the weekend.
The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, outlined such plans in Abuja saying opportunities existed abound for investors to build new cassava processing plants in the country 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," Adesina said.
The minister noted that some indigenous and global firms had indicated interest in the market for cassava starch in Nigeria.
The federal government had encouraged market growth by instituting the 40 per cent high quality cassava flour requirements in wheat bread.
He said the government would ensure that sufficient cassava raw materials were available for intending processors.
Adesina pointed out that government would facilitate low interest rates for processors and also implement other financial incentives such as tax holidays and capital allowances to encourage investment.
- CAJ News