The Bank of Industry Rice Intervention Fund is a N13.6billion und based on the MOU executed by the Federal Ministry of Agriculture and Rural Development (FMARD) and the Bank of Industry on October 23, 2014. The fund is managed by The Bank of Industry.
- The Fund which has defined hallmarks has to be utilized solely for the establishment of ten (10) medium scale Rice Mills of about 36,000 metric tons of paddy per annum and six (6) High Quality Cassava Flour Mills of about 18,000 metric tons of cassava tubers per annum capacity in identified locations across the nation, namely Kano, Kogi, Kebbi, Zamfara, Bayelsa, Bauchi, Benue, Ogun and Anambra States for the Rice Mills and in Ondo, Ogun, Abia, Delta, Nasarawa and Cross River States for the High Quality Cassava Flour Mills.
The Fund which is close ended, is limited to only applicants who have met all the laid down guidelines and recommended through competitive processes
The Fund will be accessed by Limited Liability Companies, and Enterprises engaged in adding value to the rice/cassava commodities through the setting up of milling facilities.
- Job creation and economic empowerment of the Nigerian populace.
- Foreign exchange savings for the nation.
- Boost in agricultural activities.
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