Agric Lending: NIRSAL Facilitates Over N105bn To Farmers, Others
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has facilitated over N105 billion funding to different agricultural segments in the country.
NIRSAL, in a statement issued in Abuja on Wednesday, listed the beneficiaries of the funds as pre-upstream, upstream, midstream and downstream segments of the agricultural value chain in Nigeria.
It said, “This finance has had a profound positive socio-economic consequence, resulting in the creation of over 400,000 jobs and impacting 2 million lives positively.”
The NIRSAL Agro Geo-Cooperative led the finance facilitation through which the agency is structuring farmers by creating 16,000 agro geo-cooperatives made up of 8 million farmers cultivating 4 million hectares of farmland.
NIRSAL disclosed that over 52 agro geo-cooperatives covering over 270,000 hectares of land had benefitted from the process through the Central Bank of Nigeria’s Anchor Borrowers’ Programme (ABP).
“This agriculture funding has started to bear results as North-Central farmers are poised to smile to the banks with expected profits, high yields and improved livelihood in the 2020 wet season.
“Rice, maize, cassava, sesame and soybean farmers in Nasarawa, Niger, Kogiand Benue and the Federal Capital Territory will record financial and harvest gains, following NIRSAL’s support for their 2020 wet season farming activities under the ABP,” the agency.
In FCT, it noted that farmers have been structured into 16 established agro geo-cooperatives), 12 of which are included in the ABP for wet season 2020.
It added, “NIRSAL has also linked the 926 FCT farmers cultivating 1,140 hectares of land with guaranteed off-take markets thereby protecting them from price fluctuations and the exploitative tendencies of some middlemen.
“Other forms of support that guarantee bumper harvest and financial gains for the farmers, NIRSAL said “include the provision of fertilizer, crop protection products and round-the-clock technology-driven project monitoring services.”
Meanwhile, some farmers in Dobi area of the FCT have received further support for their on-going farming activities from NIRSAL.
The farmers met with NIRSAL officials at Passo.
The Head of the agency’s Project Monitoring, Reporting and Remediation Office (PMRO) in the FCT, Mr. Ayo Olaleye, relayed the Federal Government’s and the CBN’s unwavering commitment to development of agriculture sector to them.
Olaleye told the farmers that “NIRSAL will continue to prioritize farmers’ needs, not just in the implementation of the CBN’s ABP, but also in the development and delivery of frameworks that will further open the banking sector to agriculture – the agro geo-cooperative model being one of them.”