Cassava Processing: Project 1000 farms, Smedan, Ekondo Bank sign N4m deal

The Project 1000 Farms Multi-purpose Cooperative Society Limited has signed a N4 million Memorandum of Agreement (MoA) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Ekondo Microfinance Bank in Port Harcourt, the Rivers State capital.

The Secretary of the Youth-based cooperative society, Mr Dough Onah, who stated this in a statement said, the MoA is an interest free loan/intervention fund of SMEDAN's One Local Government One Product initiative approved by the Federal Government of Nigeria for disbursement.

According to the statement, President of Project 1000 Farms, Mr Ogar Sunday Ogbor and Secretary, Mr Dough Onah, both co-signed  the MoA and had the opportunity to meet with the other beneficiaries for the South-South zone of the SMEDAN, OLOP project, held at the Emerald Hotel, Port Harcourt.

The Director General of SMEDAN, Dr Dikko Umaru Raddo and the Managing Director, Ekundo Micro Finance Bank signed the document respectively on behalf of their esteemed organisations.

Mr Dough further revealed that the interest free loan and intervention fund, will be judiciously used for processing Cassava into Cassava flour, Cassava Chips and hygienic Garri suitable for Diabetic patients and for consumption both locally and internationally.

The Project1000 MPCS Limited is among the three MSMEs representing Cross River State and the Northern Senatorial District in the SMEDAN OLOP project to benefit from the N12 million allocated to the state, which is geared towards production of indigeneous agricultural products in each zone of the country.

This is a part of the SMEDAN 2017 budget year and N4 million is a 30% grant and 70% loan to cover cost for working capital, equipments and work space, which will be disbursed in installments as the program unfolds.