The Regional Cassava Processing and Marketing Initiative (RCPMI)

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The Roots and Tubers Expansion Programme (RTEP)

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Federal Republic of Nigeria

.FeasibIlity study to put In pl_s@ an-animal feed plan!: in QgMn State (Abeckufa.) making use of ca-ssava 'peels

..

Prepared by:

Ms. Chiara Calvosa - IFAD Consultant (Financial Analystl Mr. Giuseppe Amoriggi - IFAD Consultant (Technologistl

Rome, June 2009

Table of Contents

List of acronyms and abbreviations 3

Background: RCPMI assistance, RTEP and the scope of the study 4

1. Findings 5

1.1 Technical features of cassava peels 5

1.2 Cassava peels in animal feed: the current use 6

2. Animal feed market outlook 7

2.1 Aquaculture 7

2.2 Poultry 8

3. Maize-based formulation versus cassava based formulation 8

3.1 Animal feed formula and implications in animal diet 9

3.2 Financial Analysis 11

4. Conclusions and recommendations 17

Annexes 18

Annex 1: Chemical composition of cassava peel and the effect of sun-drying

Annex 2: Animal feed formulations and related costs for acquiring raw materials

Annex 3: Feasibilities Studies

3.1 Formulation and Costing for maize and cassava based fish pellets 3.2 Maize-based formulation 8mm fish pellets

3.3 Cassava-peels based formulation 8mm fish pellets 3.4 Combined cassava peels fish pellets 8mm and 4mm

Annex 4: Interest rates on variable and fix costs Annex 5: Cash Flow and Internal Rate of Return Annex 6: Sensitivity Analysis

2

List of acronyms and abbreviations

ADP - Agricultural Development Programme CAP - Cassava Processing Plant

CPS - Cassava Processing Shed

CPU - Cassava Processing Unit

FOB - Free on Board

HQCF - High Quality Cassava Flour

IFAD - International Fund for Agricultural Development IITA - International Institute of Tropical Agriculture

MT - Metric Tons

N - Naira (the Nigerian Currency Unit) N/A - Not Applicable

OIS - Operational Integrated System

RTEP - Root and Tuber Expansion Programme TOR - Terms of Reference

UN - United Nations

USD - United States Dollar

WCA - Western and Central Africa

Exchange Rate

UN Operational Rate of exchange effective from 01-June-09.

1 USD=145 N

3

Background: RCPMI assistance, RTEP and the scope of the study

In May 2008, IFAD undertook the first Direct Supervision Mission of the Roots and Tubers Expansion Programme (RTEP) in the Federal Republic of Nigeria. The mission highlighted the urgent need, amongst others, to provide assistance to RTEP to focus on sustainable cassava production, processing and marketing development. This was required to avoid negative effects deriving from over-supply of product or underutilization of equipment capacity and poor integration of producers into the local market.

In line with the decisions taken during the first Supervision mission, the RCPMI has started the provision of technical support to RTEP in selected states of Nigeria which includes an alternative approach to the development of the national cassava chain named:

"Operational Integrated System (OIS)". Activities implemented within the OIS refer to the operations of:

- One Cassava Processing Plant (CaP) producing: (i) High Quality Cassava Flour (HQCF) by processing cassava roots and/or the cassava cake produced by CPS, and (ii) High Quality Odourless Fufu (HQOF) by drying wet fufu produced by CPS;

- Two Cassava Processing Shed (CPS) producing High Quality "Gari" (HQG) as well as "wet fufu" for the market and the "cake" to be further processed into flour by CaP;

- Two Cassava Processing Units (CPUs) producing High Quality "Gari" for the market and

self-consumption.

As agreed during the recent second IFAD Direct Supervision Mission (March 2009), operations by OIS members are expected to start before the end of 2009. During the first year of operations the five centres making up the OIS are expected to produce, all together, 1.5 tons/day of cassava peels, equivalent to 400 tons/years (260 working days/year). On the 5th year, the entire OIS is expected to be composed of 16 processing centres which will have to dispose off a total of 8.7 tons/day of peels, equivalent to 2,262 tons/year. In the light of this, cassava peels are expected to pose a threat to the operations of the OIS, being a highly polluting by-product.

In this context in April 2009, a mission has been undertaken by a Financial Analyst, Chiara Calvosa, who has been supported in her activities by a Technologist, Giuseppe Amoriggi. The aim of the mission was to:

(I) Collect market and financial data/information to work out an assessment of the feasibility to put in place an animal feed plant in the Abeokuta area (Ogun State) which will make use of cassava peels as main source of raw material;

(ll) Visit a meaningful sample of animal feed plants operating in selected States of Nigeria so as to assess existing market potentials (both in quantitative and qualitative terms) for the animal feed output expected from the plant in the Ogun State;

(iii) Assemble, primary and secondary market data/information allowing an estimate of: a) the size of the market for the various animal feed to be produced by the pilot plant in Ogun State, b) number and size of operators active on this market, c) quality issues related to animal feed production and distribution in Nigeria, d) raw materials and formula mainly in demand on the domestic market, and e) labelling requirements and other elements of the marketing strategies (price policies, promotional policies, packaging etc) used by main national operators; and

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(iv) Gather, primary and secondary financial data/information allowing the estimate of: a) the overall cost of the planned investment in the Ogun State, b) its financial sustainability and c) the production costiMT of the animal feed to be produced through the pilot plant.

This report presents:

(i) A brief market study summarizing the market data/information collected in the field;

(ii) An estimate of the production costiMT of the animal feed to be produced through the pilot plant; and

(iii) A financial analysis (cash-flow analysis and estimate of main indexes of profitability) to assess sustainability of the proposed investment.

1. Findings

1.1 Cassava peels: technical features

Cassava peels constitute a substantial by-product of the cassava processing, being about 10-13% of total tuber weight. Therefore, with reference to the OIS pilot model which is expected to produce about 10 MT/d of cassava products during the first year of operations, around 1.5 MT/d of cassava peels will have to be disposed off. On a yearly basis (for the first year of operations), this will be equivalent to about 400 MT/y (260 working days/year)".

Peels normally consist of the thin peri carp and the thicker rind as most processes remove both along with some pulp adhered to the peels.

Chemical analyses conducted at the University of Ibadan show the following range of composition of cassava peels (see Annexes 1 and 3 for further details on the composition of cassava peels compared to sun-dried peels):

Residual Dry Matter: 86,5% - 94.5%:

Organic Matter: 89% - 93.9%; Content of fibres: 10% - 31.8%; Content of proteins: 4.2% - 6.5%; Hydrogen: 0.7% - 1 %.

As of today, it appears that in Nigeria (as elsewhere in WCA) cassava peels are either abandoned nearby processing places or used as land fill or burnt. Being a highly polluting by-product, the way they are currently laid off poses a serious threat for the environment and, therefore, also for the future OIS daily activities.

In particular, in Abeoukuta area (Ogun State) fresh or sun-dried peels are cleared from production places only occasionally, as a systematic way of waste disposal does not exist yet. Furthermore, the production of sun-dried cassava peels is limited to the dry season months (from November to March) when solar radiation is highest.

3 These figures are expected to remain stable in the future years.

5

On average, sun-dried cassava peels are sold in Nigeria at 7250 N/Mt (equivalent to USD 50/Mt) at farm gate and 11 310 N/Mt (equivalent to USD 78/Mt) in the retail market.

During the missions, local and international specialists at the liT Allbadan4 were also consulted to learn more on potential uses of these peels. Their recommendations included: (i) the addition of cassava peels in animal feed, (ii) processing into energy production and (iii) transformation into compost - as in the case of fresh cassava peels used for mushroom production.

1.2 The current use of cassava peels in animal feed production During the mission it has been noticed that:

1. Due to their chemical composition, cassava peels are a potential source of energy and, as such, can be integrated into animal feed as a replacement for maize -the overall quantity depending on the animal specie targeted. One drawback in using cassava peels as animal feed is their low protein content which makes necessary to fortify the pellet with other sources of protein to meet speciflc nutritional requirements of the animals. However, taking into account the experiments conducted at IITA/lbadan, a high percentage of cassava peels in animal feed formulation is not advisable in all animal diets. Cassava peels could be, in fact, of particular interest in the case of few categories of animals only: pigs and fish (IITA/lbadan 1988 and 2004);

2. Experiments supported by the Ministry of Livestock in Ogun State in extensive swine production used cassava peels (equivalent to 40% of total weight) along with palm kernel cakes, palm kernel mill and dried brewer (60%). Results on the quality of the meat from use of this feed are not available yet as these experiments are still ongoing;

3. The peri-urban cattle farmers presently use dried cassava peels -procured from cassava processing sites or markets- to fatten their cattle. It appears that they would be quite keen to buy feeds made out of cassava residues if packaged as dried or pelleted products. Other cassava by-products which are currently wasted, such as leaves", starch water and under-sized roots, could be also used as part of the feed formula to be used for the various animals targeted;

4. Pelletised feeds resulted to be superior to granular feeds in nutritional terms (University of Ibadan, 2009). Most of the toxic effects of dried cassava peels in animal feed are due to their high level of microbial infestation, as much as to their cyanide content;

4 Dr. R. Asiedu, Director IITA, Dr. G. Tarawali, Project coordinator of the Cassava enterprise development ~roject IITA and Dr. L. Sanni, Post-harvested specialist and professor at University of Abeokuta.

A quantity of 4.64 ha' is available on average as a root by-product which is generally left in the field as a

green manure. However, their content of proteins, cassava leaves can be harvested along with the

tender stems and subsequently and spread on a cemented surface for sun drying. In this case,

leaves are dried to almost 13% moisture. If properly dried, they do retain their greenness. Once dried, they are milled into flour and stored for mixture with cassava flour or other animal feed ingredients.

Studies (Food Agric, 1993) have identified the nutrient composition of cassava leaves as it follows:

I Young leaves Mature leaves
I
I Proteins 38% 19.7%
I Fibres 8.3% 26% 6

5. Three different types of pellets can be produced, namely: soft pellet for ruminants, hard pellets for poultry and floating pellets for fish. Needless to say, the pelletising equipment changes according to final kind to be produced;

6. Experiments conducted by animal nutritionists and cassava experts (University of Ibadan and IITA/lbadan 2004) recommend the following formula integrating cassava peels: 35% gliricidia (contained into the trees), 35% panicum (guinea grass), 30% cassava peels. Needless to say, this composition has to be modified according to the targeted animal specie. To this end, local experts (University of Ibadan and Abeokuta as well as animal feed producers) have been consulted to identify ad hoc formulations for swine, poultry and fisheries (see Annex 2).

2. Animal feed market outlook

With reference to the market for animal feed in the Ogun State, the demand for animal feed has been estimated by the University of Ibadan (2009) and is summarized in the table 1 here below.

I --
Quantity (MT) ~eroentage
Animal Species
, 1992 .~OO~ l
i
-
PoUltry 448276 762069 91
Pigs 14942 22852 I 3
l
9~1t!elStiips/Go~1 9962 23640 3
Rabbit 4981 7617 I 1
Hsh ~Huaculh!re) 19924 N/A6 2
.-
Total 498085 818118 I 100 2.1 Aquaculture

- As Table 1 above shows, aquaculture has been historically a good market for animal feed. The mission could observe that the national aquaculture industry is fast expanding, especially in those parts of the country where availability of compounded feeds exists. Furthermore the national feed demand for this compartment is bound to increase considerably in the near future as also confirmed by the private local feed producers interviewed during the mission;

- As of today, fish pellets can be both in form of hard or soft pellets. They can also be in form of floating pellets (which can be surface or bottom feeders) depending on fish species to be fed;

not available but projections show a positive and steep increase.

7

Current market price varies with reference to the size of the pellet itself, ranging from 250000 N/MT for a 4mm pellet (equivalent to approximately 1 700 USO/MT), to 225000 N/MT for a 6mm pellet (equivalent to approximately 1 550 USO/MT), down to 215 000 N/MT for a 8mm pellet (equivalent to approximately 1 480 USO/MT). With reference to the price for the fish pellets including cassava peels, this has been estimated to be 215 000 N/MT for a 8 mm diameter pellet;

- Equipment for the production of hard floating or suspended pellets is yet to be developed in Nigeria;

- Pellets for fish diets are mainly imported from Asia? at the price of 4560 N/15 Kg package (or 304 N/kg, equivalent to approximately 2 USO/kg); while locally produced fish pellets are sold at 2900 N/25 Kg package (or 116 N/kg, equivalent to approximately 0,80 USO/kg);

- Fish pellets with a 72% protein content are sold at 320 N/kg (equivalent to 2,2 USO/kg), while the price decreases to 160 N/kg when the protein content reaches 65% (data provided by private service operators in Ogun State").

2.2 Poultry

- The national demand for poultry feed represents 91 % of the total demand for animal feed in Nigeria. According to the estimates from the Ministry of Livestock in Ogun State, 2.7 millions of chickens are raised in Nigeria, which consume 337 MT/d of feed. These estimates are likely to increase considering the local commitment to promote the national consumption of poultry domestically grown;

- To this effect a ban on imports of poultry meat has been enforced. Furthermore, a national law has been recently passed in order to ensure that a percentage (different according to the animal) of cassava is included in animal feed;

- The prize for a bag of 25 kg of feed for chicken consumption are sold on the local markets in Ogun State at prices from 1850 N/25 Kg (or 74N/kg, equivalent to approximately 0,50 USO/kg) to a maximum of 2100 N/25 Kg (or 84 N/kg, equivalent to approximately 0,60 USO/kg).

3. Maize-based formulation versus cassava based formulation

Experiments have been carried out by nutritionists and cassava experts (University of Ibadan/Oepartment of Animal Science, 2004) to assess the effects of cassava-based animal diets vis-a-vis traditional maize-based diets. Maize has been substituted with different quantities of cassava by-products, including peels and leaves as well as other byproducts, mainly palm kernel cake. Annex 2 provides some examples of animal feed formulations for chicken, goats, fish, swine and rabbit which make use of different raw materials. In all cases it would appear that cassava peels, good source of energy, can substitute maize up to a level of 40%.

7 Data provided by Ministry of Livestock, Ogun State, Federal Republic of Nigeria.

Temp Starch and Glucose based in Abeoukuta. Ogun State.

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3.1 Animal feed formula and implications in animal diet Information in Annexes 2 and 3 show that:

- Cassava peels and maize are both sources of energy; therefore, the inclusion of cassava peels into the animal feed formulation is to be considered as a way to replace maize. However, due to the low content of proteins and fats in cassava peels, it is necessary to fortify the related pellet formula with ingredients high in proteins, fats and fibres. The level of maize replacement with cassava peels varies according to the animal species targeted and reaches a maximum of 40% in fish pellets;

- In the light of cassava peels' chemical composition, cassava peels are not easily digestible to all animal species, especially in the case of poultry and livestock. It would in fact appear that:

• In the case of poultry, certain precautions need to be taken to guarantee satisfactory performances; these include the removal of cyanide through a complex and expensive process of boiling, drying, grating, soaking and fermentation. For these reasons, only cassava leaves have been included in the formulation and not peels. However, experiments by using cassava pellets and cassava leaves for maize substitution show satisfactory results;

• Concerning ruminant's diet, the major constraints to increased utilization of cassava peels appear to be: (i) the difficulty to bring the cyanide content down to acceptable levels, and (li) the need to add proteins to improve feed performance. Ruminants show to utilise cassava ensiled peels better than sun-dried peels. However, it has been demonstrated (Adebowale, 1981) that ensiled cassava peels should not be more than 20% of the animal diet to be cost effective;

• With reference to aquaculture, the demand for fish pellets is expected to grow in the near future. This is also favoured by the fact that maize can be effectively replaced by cassava peels up to a level of approximately 40%;

• In the case of pig breeding, maize can be replaced under tropical conditions with cassava peels in a percentage that varies according to the age of pigs and up to a level of 40%. The inclusion of fats and oils besides boosting the energy content of the feed, also reduces its dustiness and alleviates the toxic effects of the peels. Although wastes of cassava flour for human consumption could be a cheap source of carbohydrates, they usually contain a high level of contaminants (sand, stones, plastic and nails) which have to be eliminated (through sieving) before they can be used to feed pigs. These flours provide satisfactory performances when totally replacing corn in pig feed ratios.

With reference to the fish pellets, the technical feasibility and the related financial analysis included in this study focus exclusively on pellets with an 8 mm size and with a formulation based either on maize or cassava. The choice of a pellet with this size (Le. 8 mm) is mainly due to the fact that:

(i) 4mm pellets are based on a formula that makes use of the highest percentage (among the different pellet sizes) of fish meal (approximately 40%). They are perceived, by final users, as high quality products. Therefore, the production of

9

4 mm pellets based on cassava peels could end up in producing a feed that does not receive the required attention from final buyers;

(il) 6mm pellets are based on a formula that incorporates a high amount of maize (145 kg/t), which does not make cost effective its replacement with cassava peels given the high amount of other expensive components that this would make necessary (such as 270kg/t for fish meal compared to 215kg/t in Bmrn pellets) -see Annex 3;

(iii) Bmm pellets are based on a formula that makes use of the highest percentage of maize (150kg/t) and that, therefore, would allow the highest substitution rate with cassava peels -when compared to any other fish pellets currently on the market (ex only BO kg/t of maize in 4mm pellets). However, despite this, the production cost of the B mm pellets remains competitive vis-a-vis the other two pellet sizes (4 mm and 6 mm) as the amounts used in the formula of the most expensive ingredients (like fish meal) are lower.

Further analysis have been undertaken for a possible combined production, including a production of 50% of 4mm pellets and 50% of Bmm pellets, both cassava peels based. In this scenario, a combination of high quality fish pellets matched with Brnrn pellets has been considered.

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3.2 Financial Analysis

This section carries out a financial feasibility to put in place an animal feed plant in the Abeokuta area capable to produce feed based on cassava peels up to a percentage of 30% and meant to feed fish.

The choice to focus on the production of fish pellets is due to:

(i) The positive implications of the inclusion of cassava peels into the fish diet as demonstrated by national and international experts (IITA, 2004),

(ii) The relatively high level of maize substitution with cassava peels that this pellet size allows when compared with other types of animal feed (see Annex 3) and

(iii) The expanding national aquaculture industry, which offers considerable

opportunities for the use of cassava, including its peels.

With reference to the financial viability estimated in Annexes 4, 5 and 6, it would appear that:

- The commercial production of animal feed from cassava peels presents high initial fixed investments costs which do not differ a lot in the case of a maize-based formulation compared to the one including cassava". Fixed costs are, in fact, expected to be 88.780.000 N (equivalent to approximately 612200 USO) in the case of the production of 8mm pellets based on cassava, as compared to the 86.200.000 N (equivalent to approximately 594500 USO) for the 8mm pellets based on maize. High costs are also estimated for procuring the raw materials -other than cassavarequired to produce 1 MT of animal feed, namely a sub total of 74.500.000 N (equivalent to approximately 513800 USO) in the case of cassava-based feed and 72.000.000 N (equivalent to approximately 496500 USO) in the case of maize-based feed. This is mainly due to the low content of proteins and fibres of cassava-peels which makes necessary fortification of final feed;

- Total variable costs (as shown in Table 2 here below) are expected to increase during the first four years of the OIS operation and to remain stable after the fifth year. This applies to both formulations, maize (M) and cassava peels (CP) based. More precisely, total variable costs are expected to increase approximately 50% in Y2; 33% in Y3 and about 98% in Y 4 to then remain stable after Y5;

-.--~- .~! ... ~ ~
TobI~yr. y~~ :V.., 2 YUr3 Y8!!4 Ve,(6 Vear:10
cost . . .--=----
rotalv..-bl.
~ (JirOductlbn)
CP8mm 156 116 700 231903800 307318400 608906800 608906800 608906800
Total, Yarlaoki 1233462300
cost (P!'oJIvdlon)
.. MSmDl 156875700 309496400 613262800 613262800 613262800
. -'(0&1 varll!ble I I
QTuctkm) 252 055 880 I 334 187 840 I 662 645 680 I I
Cp· m>t'8mrI\_ 169551 420 662 645 680 I 662 645 680 I 9 In both cases years of replacement range on the basis of the specific equipment, ranging from a minimum of 5 years (as in the case of tables to collect dried materials and trolleys) up to a maximum of 15 years for the loading and storage facilities.

II

- Within the variable costs, working capital is expected to be needed for four months to payoff the short-term liabilities. Along with the working capital and the related interests to be paid during the four months, regular repayments of the debt have been also envisaged during the ten years. It is worth noting that the total amount to be reimbursed is expected to be higher in the case of the 8 mm pellets based on cassava peels only during the first two years: 76 834900 N (529 900 US D) and 102 029350 N (703650 USD) for the first and second year vis-a-vis 76 456495 N (527 300 USD) and 101 968 805 N (703 200 USD) for the pellets based on maize. At the third year of activity, a regular reduction is noted in the cassava-peels based production compared to the maize-based: 127 092 550 N (876 500 USD), 231 318400 N (1 595300 USD), 229 986700 N (1 586 200 USD) and 223 328200 N (1 540200 USD) at the tenth year vis-a-vis 127 287740N, 232 312980 N, 231 019980 Nand 224 554980 N (1 548655 USD). This is due to the constant reduction in the total variable costs for the cassava-peels based production which positively affects the net margin after interests and depreciation;

- Sales are expected to increase from a total value of 223.600.000 N (1 542000 USD) in the first year to 894.400.000 N (6 168300 USD) in the fifth year, both for maizebased and cassava-based pellets;

- The gross margin is expected to be positive throughout the entire investment's life (ten years), both for cassava peels-based and for maize-based formula, although better financial performances are expected in the first case. The gross margin is, in fact, expected to range from approximately 66.000.000 N (equivalent to 455 200 USD) at the end of Y1 up to 280.000.000 N (equivalent to 1 930000 USD) at the end of Y10, showing a constant and continuous increase over time. However, it is worth noting that the best results are expected for the 8mm fish pellets based on cassava peels. The net benefit after depreciation is, in fact, expected to be positive during the entire ten years period with a starting level of approximately 45.864.479 N (equivalent to 316300 US D) (maize-based) vs 46.314.607 N (equivalent to 319400 USD) (cassava-based) at the end of Y1 up to the level of approximately 215.679.495 N (equivalent to 1 487400 USD) (maize-based) vs 218.978.447 N (equivalent to 1 510 200 USD) (cassava-based) during Y9 and Y10. A sharp increase is envisaged especially between Y3 and Y 4, during which the net margin is expected to double in both scenarios due to a sharp boost in total sales.

12

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The Return on Investment (ROI) -which represents the ratio of the profit made in a financial year as a percentage of the investment- shows positive results during the entire investment's life in all three scenarios. However, it is worth underling that better results are expected in the case of the Bmm pellets based on cassava-peels, with a ROI equals to 10% in Y1 and 91 % in Y10. The positive increase of ROI during the years is due to a sharp increase in the net benefit after depreciation and interests;

- Net margins after depreciation and interests are constantly high for both maize-based (M) and cassava peels (CP) based productions (see table 3 here below). However, it is worth noting that better results are expected in the case of the cassava-based option, given the lower production costs of this latter option and the fact that total sales remain the same in both scenarios;

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- The internal rate of return (lRR) results approximately to be 45% in the case of the production of an B mm size pellet either based on cassava-peels or maize. it increases to 49% in the case of the combined 4mm and Bmm cassava-peels pellets (see Annex 5). Therefore, the animal feed plant shows to be a quite rewarding investment;

- The sensitivity analysis (Annex 6) shows encouraging financial performances (lRR) even when key factors in the analysis are drastically changed. This is particularly the case when funds borrowed to finance investment costs are reduced by 50%. Here after (pages 15 and 16), the three options taken into consideration with the sensitivity analysis are shown.

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4. Conclusions and recommendations

In order to assess the potential to put in place, in the Abeokuta area (Ogun State), an animal feed plant making use of cassava peels as main source of raw material, a study has been implemented by a team of RCPMI specialists.

Cassava-based formula for producing several animal feeds, along with the investments in equipments and materials requested to produce pellets, have been identified.

The outcomes of the technical and financial analysis detailed in Annexes 2, 4 and 6 of this study show that:

- Cassava peels and maize are both sources of energy; therefore, cassava peels can replace maize in feed formulas. However, the low content of proteins and fats of cassava peels would make necessary to fortify the related feed. The level of maize replacement with cassava peels varies according to the animal species targeted and can go up to a maximum of 40% (in the case of fish pellets), which is the scenario considered in this paper;

- Large scale production of animal feed from cassava peels is not practiced at the moment in Nigeria; the use of cassava peels to produce animal feed remains in fact a small scale business. This is mainly due to the high initial investment costs required for starting the business, approximately 88.000.000 N (606900 USD) for the production of both a maize-based and cassava peels-based pellet (although the initial investment would be higher when cassava peels are used);

- It is worth noting that the total investments for a maize-based business producing 8mm fish pellets appear to be slightly lower than in the case of a production based on cassava peels: 147500000 N (1 017200 USD) vs 150000000 N (1 034500 USD) during Y1, 238 500000 N (1 645000 USD) vs 240 000000 N (1 655000 USD) at Y10. Assuming total sales do not change over the period of ten years, the net benefit after depreciation is expected to be higher in the case of cassava-based production as compared to the maize-based during the entire investment's life. More precisely, as described in Annex 3, the net benefit after depreciation would be 21 699 884 N (maize-based) vs 21 517707 N (148 400 USD) (cassava based) at Y1 and 215 679495 N (1 487500 USD) (maize-based) vs 218 978448 N (1 510200 USD) (cassava-based) at Y1 0;

- In addition to the relatively low potential for substituting maize with cassava peels (up to 40%, as in the case of fish pellets). the high costs of the other raw materials (which can make up to approximately 80% of the total formulation) need to taken into due account in planning the investment To this end, it is worth noting that the market price for cassava peels is 10000 N/MT, which is very low compared to the other components usually employed as source of energy, such as: White Maize 60 000 N/MT (equivalent to 400 USD/MT), Cassava Starch 155000 N/MT (equivalent to 1 070 USD/MT), Soya Oil 332 500 N/MT (equivalent to 2 300 USD/MT) and Vegetable Oil 270000 N/MT (equivalent to 1 900 USD/MT)IO;

- The estimated investments in training staff of the plant appear to be limited to 1.176.400 N (8100 USD), or 1% of total investment costs -approximately 88.700.000 N (611 700 USD). The same can be commented about the salaries of the staff (i.e. 3 units, one manager and two high specialised technical staff). Due to this, it has been

See annex 5 for Formulation and

17

decided not to include this variable in the sensitivity analysis as possible increases in both training and salaries cost would not consistently affect the overall results of this business;

- The Return on Investment (ROt), in the case of the production of 8mm pellets based on cassava peels, is 10% in Y1 and increases up to 80% starting from Y5;

- The Internal Rate of Return (IRR) is 45% in the case of the production of 8mm cassava peels-based and maize-based pellets and 49% in the case of the combined 4mm and 8mm cassava peels pellets. Considering that the higher a project's internal rate of return is, the more desirable is to undertake the project, the IRR obtained from the study show that the targeted investment to be a very rewarding one.

18

Annexes

Annex 1: Chemical composition of cassava peel and the effect of sun-drying

Results of laboratory studies (Adegbola, 1980) indicate that cassava peels represent about 8-10% of root dry matters. Peels appear to be high in soluble carbohydrates (62%) and low in fibres (10%), with a moderate level of nitrogen (1%) (Table 1). Earlier data from Devendra (1977) show almost the same level of nitrogen, though higher level of fibres (21%) and of soluble carbohydrates (69%). However, outcomes from Devendra investigations were obtained using a sweeter variety than the one used by Adegbola. Recent work with bitter varieties indicates that fresh cassava peels have a pH of 5.7 and that drying substantially increases the percentage of dry matter content, as well as the ash content, with little effect on the crude protein and ether extract (Table 2). Dry matter of the fresh, air-dried cassava peels was assessed at 105°C for 24 hours.

Table 1. Chemical

Table 2. Preliminary data on the chemical composition of fresh and dried cassava peels (as %of

It can be assumed that drying would substantially reduce the amount of HCN liberated, as it has been observed by Charavanapavan (1944) and Razafimahery (1953) for sliced roots. This reduction in HCN level would probably only take place with slow drying, since drying at higher temperatures has been proved to be less effective in HCN reduction. Drying took place on a concrete floor for 4 to 5 days by which time the material was beginning to darken. In addition, the lower N content of the drier material probably reflects the loss resulting from the volatilization of the released HCN.

Annex 2: Animal feed formulations and related costs for acquiring raw materials

Here below traditional maize-based animal feed formula are compared to cassava-based formula for: cattle, goats and poultry. While the following formulas are not exhaustive, they provide a useful baseline for cassava-based feed and can be further modified to fit specific production systems and different agro-ecological zones. Maize has been substituted with different quantities of cassava by-products -namely peels and leaves- and other byproducts. mainly palm kernel cake. Production costs for raw materials have been calculated and the total cost variation related to the different formulas, assessed percentage in terms. All five scenarios show cost reductions varying from a minimum of 4% in the case of feed for fishes to a maximum of 43% in the case of feed for goats.

A) Fish (1 MT)

8) Pigs (1 MT)

*: Higher than 1 MT as peels needs to be dried.

C) Cattle (1 MT)

oa Malze-ba88((
Cassava-based formulation
Ihgredlents II fOrmulation (Iig)
(kg)
=
I Maize 250 0
Cassava leaves 0 200
Cassava dried peels 0 215
Palm kernel cake 250 300
Groundnutcake 50 0
Brewers' dried grains 180 0
Poultry droppings 135 250
Wheat offal 100 0
Bone meal 20 20
Premix 5 5
Salt 10 10
Total Kg 1000"- 1000 0) Goats (1 MT)

~~redfints --'~-""'":'ir--'-
iii ,,~
Maize-baaad fortnulatlon Ca.-~a-baHd
(kg) , fonftulati n (kg)
I
j,.., ~- ~ ~. =
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ssavaleaves 0 50
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Corn offal 0 200
Palm kernel cake 300 300
Groundnut cake 50 30
Brewers' dried grains 200 0
Poultry droppings 150 250
Wheat offal 80 0
Bone meal 10 10
Salt 10 10
I Tota/Kg 1000 1000 E) Poultry (1 MT)

Experiments show a better performance on the animal health when utilising cassava pellets that are made out of cassava leaves only. Due to the high cyanide content, in fact, the inclusion of cassava peels into the poultry diet is recommended to be done with a lot of care.

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Wheat offal 165 150
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