Nigeria: BoI, Agric Ministry Seal N13.6 Billion Pact on Cassava, Rice Mills

27 October 2014

THE Bank of Industry (BoI) has signed a memorandum of understanding (MoU) with the Federal Ministry of agriculture and rural development to establish ten rice integrated rice mills and six integrated cassava mills across the country.

The term of agreement which would create a loan facility to the tune of N13.6 billion to be facilitated by the federal government for investors to access the facility at a 5 percent interest rate and payable within ten years is geared towards the total elimination of importation of rice and wheat into the country.

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