BoI trains youths on tomato processing

Please follow and like us:

  • 359
  • Share

In its determination to boost small and medium scale enterprises in the country, the Bank of Industry has organised workshop on tomato processing and packaging for Nigerian youths in Lagos and Kano.

While declaring the workshop open in Lagos, the acting managing director of Bank of Industry, BoI, Waheed Olagunju said, in pursuit of the mandate of transforming industrial sector in Nigeria, the bank of industry has identified over 40 small and medium scale clusters that include food processing for strategic intervention.

Olagunju who spoke through one the directors of the bank, Akinsola Adetokunbo stressed that, in the course of exploring the best strategy for BoI in tomato sector, the bank and its development partner identified a production method and sustainable equipment for the scale up of tomato processing by micro and small medium enterprises across the country.

Olagunju observed that out of yearly 1.8 million tons of fresh tomato produce in Nigeria, over fifty percent of them are lost to poor storage, poor transportation and lack of processing facilities.

He also noted that Nigeria tomato paste market that is now estimated $1.5billion by raw materials requirement council solely rely on importation, and therefore underscores the need for Nigeria to develop strategies of development tomato value chain, especially for the manufacturing of tomato juice, paste, cature, Perry and powder.

The bank chief emphasised that at the end of the two-day training, participants that are certified to acquire tomato processing skills and subsequently, into entrepreneurship capacity training programme in the bank, will be funded in form of loans at a single digit, to cover the cost of equipment and work capital requirement of the proposed project.

READ ALSO:  AMCON takes over Daily Times Plc

“In line with Nigeria revolution plan, one of the ten new crops identified by BoI for priority development under food processing cluster is tomato.

“And because tomato contains a lot of liquid, they are highly perishable and therefore requires preservation in cold condition storage medium or processing into paste,” he said.

Also speaking on the rationale behind the workshop, the facilitator and chief executive Beta Mark Production Company Limited, Duro Kuteyi said the manner at which tomato are being imported into Nigeria and the wastages sustained by tomato farmers in the country are enough reasons to be compassionate and develop strategies to process it to replace the foreign tomato paste imported into Nigerian market.

…Partners Diamond Bank on micro loans to petty traders, farmers

BoI has partnered Diamond Bank in providing soft loan to traders, artisans, cooperatives, youth and farmers across the country.

The Acting Managing Director, BoI, Mr Waheed Olagunju, disclosed this at the launching of the programme in Lagos.

Olagunju said the federal government introduced the scheme because of its passion for sustainable business growth and empowerment of micro-entrepreneurs. He explained that the scheme, tagged: Government Enterprise and Empowerment Programme (GEEP), the partnership would disburse N140 billion to micro-entrepreneurs.

According to him, GEEP is one of the social intervention programmes of the federal government executed by the bank of Industry.

READ ALSO:  Ugwuanyi Signs N103.5bn 2018 Budget Into Law

He said that government seeks to promote financial inclusion and access to credit for 1.6 million market traders, artisans, cooperatives, youth and farmers through GEEP’s MarketMoni product, which is known as is a microcredit loan, easy to access between N10,000 to N100,000 and repayable in six months.

He explained that the idea is to make the loan easily accessible and affordable to the beneficiaries provided the beneficiary has a Bank Verification Number (BVN) and belong to a market association. He further explained that the loan is affordable and without interest rate, except for administrative fee, which is five per cent flat.

“That means, if you take N20, 000 loan you will repay N21, 000 at the end of six months. The beauty is that it is a weekly repayment so it is easy for the beneficiary,” he said.

The BoI boss represented by Mrs. Toyin Adeniji, Executive Director, Financial Inclusion and Micro Enterprise, BoI, said the partnership was to enhance the participation of the informal sector in the banking sector.

Facebook Comments

Please follow and like us:

  • 359
  • Share

Leave a Reply

Your email address will not be published. Required fields are marked *