FG, bank launch N10bn Agribusiness financing scheme

FG, bank launch N10bn Agribusiness financing scheme

Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and Union Bank of Nigeria Plc on Friday launched a N10 billion agribusiness financing scheme aimed at expanding existing investments in agriculture as the Federal Government strives to diversify the economy.

Speaking at the event, the Managing Director of NIRSAL, Mr. Aliyu Abdulhameed said the deal will create massive employment, guarantee food security and generate foreign exchange via exports.

He said various arms of agriculture provide excellent investment opportunities for the government, individuals and corporate bodies.

Abdulhameed said: “There are several agriculture value chains that this N10 billion can make flourish. We can acquire 830 brand new tractors, generate 330,000 direct jobs and 1.5 million indirect jobs and cultivate 300,000 hectares of land.

“We have 10 categories of agriculture that includes have ruminants farming, export crops, plantations like cocoa and rubber, poultry, etc. We have 30 commodities in all.

“Our role in NIRSAL is to de-risk the entire transaction and ensure those enjoying the loan from Union Bank have the capacity to pay back. We look at various factors before giving out the loan.

“More financing will come and this launch is part of NIRSAL’s mandate to make banks put more money into agriculture. We have implemented risk management framework in the agriculture value chain.

Sun

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