NIRSAL Facilitates $373 Million Loan to Agriculture Sector

NIRSAL Facilitates $373 Million Loan to Agriculture Sector

The Managing Director of Nigerian Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu Abdulhameed, said the agency has facilitated over $373 million as loans from commercial banks to farmers across the various agricultural value chain in Nigeria.

Abdulhameed said NIRSAL through its Credit Risk Guarantee has been able to aid about 85.5 billion naira as at the third quarter of 2018.

He noted that this development has generated over 2.17 million jobs for Nigerians.

NIRSAL, which was incorporation by the Central Bank of Nigeria (CBN) in 2013, is a $500 million non-bank financial institution. The firm was designed to redefine, measure, re-price and share agribusiness-related credit risk.

Abdulhammed noted that the total amount leveraged by NIRSAL Credit Risk Guarantees and other Agricultural Risk Management Tools and Products included the sum of N43.8 billion in agricultural inputs, N1.7 billion on mechanisation, N19 billion on primary production, as well as N20.9 billion on processing.

He added that “this amount was not facilitated for the upstream (primary production/farming segment alone- largely at the level of the smallholder farmers, but across all four segments of the agricultural value chain”.

Abdulhameed  also revealed that a total of 24,666 farmers cultivating 20,062 hectares had also benefited from a new insurance initiative by NIRSAL in partnership with the National Insurance Commission (NAICOM) and the Nigerian Agricultural Insurance Corporation (NAIC).

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