BoI, others’ investments in agribusiness rekindle private interest

The investments of Bank of Industry (BoI), United States Agency for International Development (USAID)/Partnership Initiatives with the Niger Delta (PIND) and that of the Edo State government in the agric sector, have rekindled investors’ interest.

Peter Idaewo, managing director, Idaewor Foods Limited, one of the leading cassava flour processors in Edo State, said this.

According to Idaewo, who is one of the happy beneficiaries of the loan provided by these stakeholders, the loan was in series. “The interest rate of the loan is between 0 percent and 10 percent, respectively. I don’t want this opportunity to me pass-by without appreciating the bank and the state government.

“As we speak, state-of-the-art cassava processing machine, the first of its kind provided by BoI, is being installed and operational at my factory at Iraokhor in Etsako Central Local Government Area of the state, right now. The product, the best that has never emerged from cassava, was at displayed in the just concluded Edo State Trade Fair and it is called Cassalina. You cannot believe that product is made from cassava.

“We want to give thanks to the Bank of Industry. We have agreement with the Weppa farms. It is about the biggest cassava growing company or farms in Edo State, and they have 13,000 hectares of farmland, out of which part has been dedicated to oil palm, but they still cultivate between 100 and 200 hectares of cassava. So, we have over 250 tons of cassava already paid for upfront by the BoI, which we will make use of by the time they mature,” he said.

He also disclosed that the USAID, in conjunction with Partnership Initiatives with the Niger Delta (PIND), had approved 200 cassava outgrower farmers for the company, noting that the farmers were currently undergoing training in cassava production.

He however expressed reservation on the possible realisation of the Bank of Agriculture’s (BoA) programme in its plan to attach about 121 cassava outgrowers to the establishment.

“The Federal Government through the BoA, if it ever comes on board, is working to empower 121 outgrower farmers dedicated to my factory. They ought to have planted before now, if all things have gone well, but we have not planted and the land has not been prepared,” he said.

He however assured customers and other end users of cassava processing of continuous availability of the product in the market for their optimal use.