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The Nigeria Incentive-Based
Risk Sharing System for Agricultural Lending (NIRSAL) said it has facilitated
N1billion cash for integrated poultry farm.
It also announced plans to
expand its outreach to state governments in order to further enhance food
security and economic growth in Nigeria.
The agency is proposing mutually
beneficial partnerships with state governments for the design and
implementation of viable agricultural development programmes.
NIRSAL said this initiative
"aligns with the federal government's commitment to ensuring food security
for all Nigerians".
By collaborating with state
governments, NIRSAL aims to leverage their local expertise and resources to
promote agricultural development across the country.
To this end, NIRSAL Plc and
Polaris Bank have provided a N1 billion working capital facility to an integrated
poultry farm located in Oyigbo Local Government Area of Rivers State.
The partnership is in keeping
with NIRSAL's commitment to unlocking sustainable financing sources for
agriculture and agribusiness in Nigeria.
NIRSAL said it has the mandate
to share agribusiness-related credit risks with commercial lenders by providing
50 percent guarantee on the facility.
The facility was given to
Globetrot Farmsponsor Limited to enhance Globetrot's operations across its
hatchery, breeder, broiler, feed mill, and processing components.
NIRSAL in its statement said
"this support is expected to have a positive impact on farmers and
consumers of poultry products in Oyigbo, Port Harcourt, and environs, as
suppliers of inputs, buyers of day-old chicks and organic manure, and offtakers
of poultry can potentially benefit from improved deals".
Managing Director/CEO of
NIRSAL Plc Mr. Abbas Umar Masanawa, commended Polaris Bank's foresight in
financing Globetrot under NIRSAL's de-risked financing model. He emphasized the
bank's role in maximizing the economic opportunities and returns available in
Nigeria's agricultural landscape.
Mr. Masanawa said Globetrot
Farmsponsor Limited's passion and professionalism "instils confidence in
optimum loan utilization and prompt repayment".
Earlier, Mr. Charles Adigwe,
representing the Managing Director of Globetrot Farmsponsor Limited, Mr. Akpa
Innocent Nnanyereugu, highlighted the farm's value offerings and welcomed the
opportunity to showcase its capabilities to a wider audience.
Mr. Ejike Aroh, Branch Manager
of Polaris Bank's Garrison Branch, reaffirmed Polaris Bank's dedication to
agribusiness financing, recognizing its potential for both profitability and
empowerment of rural Nigerians and their communities
The tripartite relationship
between NIRSAL Plc, Globetrot Farmsponsor Ltd., and Polaris Bank exemplifies
the positive outcomes of NIRSAL's high-level engagements with financial institutions
and government agencies.
These partnerships NIRSAL Plc
said "are fostering a paradigm shift in the agricultural sector, unlocking
new avenues for impactful investment and growth".
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