FG Eyes ₦3Trn Forex Savings as 14m Farmers Join Cassava Value Chain
The Federal Government has unveiled a massive agricultural initiative that aims to save the country over ₦3 trillion annually in foreign exchange. The new "Cassava Bioethanol Value Chain Development Project" is set to empower approximately 14 million smallholder farmers across Nigeria.
The ambitious plan was disclosed on Thursday by the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu. Speaking through the Ministry's Director of Economic Growth, Mr. Auwal Mohammed, the Minister highlighted that this project will integrate farmers into the industrial energy sector.
Turning Cassava into Fuel
The core of this initiative is the production of bioethanol from cassava. The government plans to blend this locally produced bioethanol with Premium Motor Spirit (PMS), significantly reducing the nation's reliance on imported fuel. This strategy aligns perfectly with the recent boost in the energy sector led by the Dangote Refinery, creating a dual approach to solving Nigeria's fuel challenges.
"We are looking at the entire value chain," the Minister explained. "From high-quality stems and starch to the CO₂ captured during fermentation and the animal feed produced from distillery grains".
Boosting Rural Economy
Beyond the forex savings, the project is a major win for the rural economy. By connecting 14 million farmers directly to industrial processors, the FG aims to boost rural incomes and create millions of new jobs.
The initiative will be implemented through a "Triple-Helix" partnership. This model focuses on transferring knowledge, providing disease-resistant cassava varieties, and attracting private investment into the sector.
This development comes as the government aggressively pursues economic reforms. Just recently, the FG scrapped the HND/BSc dichotomy to improve workforce quality, and this new agricultural push further solidifies the commitment to a productive, self-sufficient economy.
Stay tuned to Naijarave for details on how farmers can register for this new initiative.
