NIRSAL to support Nigerian rice farmers with N17.09b

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Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL) has announced plans to support rice farmers in the 2017 wet season with about N17.09 billion has been earmarked.

The Managing Director, NIRSAL, Mr. Aliyu Hameed who confirmed this Wednesday at the Agrikexpo Nigeria Agribusiness Group (NABG) conference in Abuja said over 53,319 farmers are to benefit from the intervention for this year wet season rice farming.

At the event with themed, “Harnessing Nigeria’s Agricultural Potential for Food Security, Youth Development, Nutrition and Wealth Creation”, Hameed said, “In August, 2017 as a Participating Financial Institution under the CBN Anchor Borrowers’ Program (ABP) we disbursed over N2.63 billion to 24,732 rice farmers. We have profiled over 53,319 farmers and voted about N17.09 billion for the 2017 wet season.

“Cumulatively, NIRSAL has issued 634 Credit Risk Guarantees (CRG) with a total face value of N66.36 billion. We have also provided Interest Drawback (Interest rebate to borrowers) worth N940.98 million.”

He said NIRSAL recently signed a N50 billion Agribusiness financing partnership with the Stanbic IBTC under the Nirsal Agriculture Financing Scheme, with an initial commitment of N10 billion as takeoff.

“At NIRSAL, we recognize that agriculture lies at the heart of the Economic Recovery Growth Plan (ERGP) of the Buhari administration,” he said.

“We are mindful that as a policy tool of the government in this sector, it is in line with our mandate to make agribusiness more attractive to the private sector.”

Source: WorldStage Newsonline

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA). He currently lives in Manhattan New York

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