The Nigerian Incentive Based Risk Sharing System for Agricultural Lending,(NIRSAL) said it has been able to catalyse and improve de-risking of agribusiness to the tune of N102bn billion since its inception in 2016,a measure it says has transformed Nigeria ‘s agricultural investment climate.
The foremost agricultural de-risking institution also noted that that the overall federal government’s and the Central Bank of Nigeria ‘s intervention in the agricultural sector have seen appreciable progress recorded in ensuring food security in the country,drop of food import bill and de-risking agribusiness in the country.
Speaking at a media interactive session on Thursday in ABUJA, Aliyu Abdulhameed NIRSAL’S managing director said the institution is transiting farmers to agribusiness model to ensure they do agricultural as a business where investors can put in money as off takers and investors.
“In the last three years,we have moved from zero to hero advancing agribusiness in the country .So far,we have been able to catalyse N102bn to improve and de-risking agribusiness in the country.
He noted also that the institution is encouraging farmers to organise themselves into geo-cooperatives to ensure we tie them up to off takers for their specific farm products.
“Farmers in the Northern part of the country are big encourages to form a cooperative of 250 each in a group and 50 each in a group for Southern farmed to ensure we support them and their products with off takers”
He states further that the institution has performed mapping across the country where Nigeria has competitive advantage such as cocoa,palm oil,soybean ,rice and others.
Speaking further,the agency noted that on the back of recorded impacts in Nigeria ‘s agricultural business ,some countries in the West African sub-region are already seeking to understudy Nigeria ‘s strategy in de-risking and driving agribusiness.
“Togo and Ghana are currently approaching us for assistance in order to help them set up their own version of NIRSAL to also drive their agribusiness. We have committed to assist them through the rest of African business unit.
It would be noted that NIRSAL which is an initiative of the Central Bank of Nigeria, CBN,the Banker’s Committee and the Federal Minstry of Agriculture and Rural Development in addition to its other numerous functions essentially administers a risk sharing fund designed to identify,redefine,measure,
HARRISON EDEH, ABUJA
