BoI vows not to cancel N3.4bn cassava loan

The Federal Government of Nigeria will not write-off the loan given to members of the Master Bakers Association of Nigeria under the N3.4bn Cassava Bread Intervention Fund.

The Cassava Bread Fund was created by the Federal Government in 2008 as part of the transformation policy in the agribusiness sector.

The initiative was aimed at providing equipment and working capital support to Master Bakers and High Quality Cassava Flour processors across Nigeria.

Speaking at a meeting in Abuja with members of Masterbakers union, the Chief Risk Officer, BoI, Dr Ezekiel Oseni, said the objectives of the Federal Government for cassava bread production was being threatened due to the high non-repayment rate of the loan.

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