Nigeria's Federal Executive Council (FEC) on Wednesday in Abuja approved the establishment of a Cassava Bread Development Fund to boost the production of cassava bread in the country.

Minister of Finance Ngozi Okonjo-Iweala announced the establishment of the fund to reporters after the FEC meeting, presided over by President Goodluck Jonathan.

The fund would be extended to support bakers and millers as well as other developments along the cassava value chain, she added.

According to her, the fund will be managed by a committee comprising ministers and other stakeholders.

The minister told reporters that the council also approved zero import duty on cassava-enhancing enzymes as part of deliberate efforts to boost the production of cassava bread.

She said the enzymes, which hitherto, attracted 10 percent import duty, would be imported from South Africa at a zero import duty rate.