Risk Security For Agribusinesses…
Nigeria Incentive-Based Risk Sharing System in Agriculture Lending, NIRSAL, provides risk protection for more than 800 agricultural companies across the country to maximize food production for export and local consumption.
The Managing Director, Mr Aliyu Abdurasheed, kicked off the NIRSAL loan project for the Gbaglo farm in Calabar over the weekend, saying small, medium and large agricultural companies will benefit from the business’s technical and financial support to secure more cash.
“We are at the forefront in supporting agriculture for farmers, so we don’t live in Abuja, Lagos or even Calabar, but we go directly to cities, communities, farms and agricultural projects to provide technical support and follow-up. This is how we give banks the information and confidence they need to provide farm businesses with loans to farmers ”
He said irrespective of the size of Agribusiness, whether small, medium or large, have access to loan with NIRSAL as long as the company owners have integrity. Union, Sterling Bank and NIRSAL are ready to make the agribusiness profitable
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“With the Federal Government banning poultry products, our job is to verify loans to poultry farmers serving as bank insurance. These people may not have all the necessary requirements for poultry value chain loans. Birds need sufficient feed for consumption, because if not enough to meet people’s needs, there will be smuggling.”
Aburasheed said that NIRSAL monitors participating farmers throughout the value chain, from input acquisition to timely application, timely harvesting and storage to avoid waste, and marketing forces to obtain adequate prices for their products and transfer regularly in terms of payments to banks to prevent their loans from defaulting.
“Regardless of the location, size, type of business and situation of farmers, we have the ability to regularly monitor and ensure that the people we guarantee regularly comply with regulations. This eliminates the pain and risk for banks and lets them then increase lending.”
He asked small farmers to create what he calls the GeoAgro Cooperative so they could borrow from cooperative banks and increase their profits.
“Whether it’s pig farming, fishery, poultry farming or cocoa production, people in specific locations can come together to form cooperatives and approach NIRSAL.
The Managing Director of Taj farm, Mr. Victor Aderajju, said in his speech that the loan will allow his company to produce more cocoa for export and earn foreign exchange for the country.