Nigeria is richly endowed with abundant agricultural products available in every state of the federation. However, limited capacity for processing and preservation, results in huge losses and wastages. In a bid to tackle this problem, BOI is establishing a 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.
The Fund will be accessed by Limited Liability Companies, Enterprises and Cooperative Societies engaged in the processing of agricultural products either into finished food products or raw materials for industry or for the export market. The products include; Cassava, Oil Palm, Rice Paddy, Groundnut, Yam, Maize, Sorghum, Aquaculture, Livestock, Cocoa, Shea nut, Plantain, Cashew, Tomato and all their individual derivatives.
The fund shall be deployed for the supply and installation of equipment for an estimated 1,000 (One thousand) cottage mills across the country. A minimum number of 20-30 mills per state, including the Federal Capital Territory (FCT). Projects must be located in the areas with comparative advantages in terms of the available agricultural raw materials within each state. This is expected to create a minimum of 5,000 direct and 15,000 indirect jobs for Nigerians: total (20,000).
Benefits of the Fund