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NIRSAL facilitates over N148bn finance for agricbusiness

The Nigeria Incentives Base Risk Sharing System For Agricultural Lending (NIRSAL) has stated that it has helped in providing over N148 billion in finance and investments for agriculture and agribusiness. The Managing Director of NIRSAL, Mr. Aliyu Abdulhammed, disclosed this in Lagos on Thursday in a chat with online news media.

He added that the agency has aggregated over 3,000 agro geo-cooperatives with 500,000 farmers on nearly 800,000 hectares of land. NIRSAL also enrolled 1.4 million persons onto innovative insurance products designed in collaboration with a consortium of agricultural insurance underwriters. According to him, NIRSAL has grown its balance sheet to N140 billion equity by 1,415 per cent and total assets by 87 per cent. Also, the number of farmers they have worked with has also grown, due to their Agro Geo-Cooperative model.

“In the course of the last 13 months, we facilitated the flow of over N30billion into agricultural value chains from commercial banks and other sources. Even though our operations suffered a stall during the lockdown of 2020, our technological depth gave us a pathway to return to work while remaining safe and socially- distanced.

 

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