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NIRSAL Bolstered Agriculture with N128bn in 10 years – MD

The Nigeria Incentive-Based Risk Sharing Systems for Agricultural Lending Plc. (NIRSAL) has provided over N128 billion in loans for agriculture and agribusiness across the country since its inception 10 years ago.

This was disclosed recently in a statement by the Head of Corporate Communications, Anne Ihugba, during the launch of Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited at Ikot Akwa Edem Umo, Akpabuyo Local Government Area, Cross River State.

Managing Director, NIRSAL, Mr. Aliyu Abdulhameed, stated, “This huge investment translates to the creation of jobs, driving the growth of rural economies, and positively impacting Nigerian lives.”

According to Abdulhameed, the initiative has facilitated over 800 beneficiaries across the country including Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited.

The firms received N232 million, sourced from Union and Sterling Bank, for poultry production and cocoa export in Cross River.

“This follows the issuance of a 50 percent Credit Risk Guarantee (CRG) and 20 percent Interest Drawback (IDB) by NIRSAL on the respective loans of Gbagolo Integrated Farms Limited (a livestock producer) and TOAJ Nigeria Limited (a cocoa dealer),” he Abdulhameed added.

He further stated that NIRSAL had recently supported ADT Russet Ltd in Lagos with a 50 percent credit guarantee on a N1.15 billion facility to source and export cocoa beans.

“NIRSAL facilitated the approval and disbursement of N81.8 million and N150 million from Union Bank and Sterling Bank respectively.

“Gbagolo Integrated Farms Limited will use its N81.8 million term loan to finance the purchase of 25,000 Point-of-Lay birds, 25,000 capacity battery cages and feeding compliments while TOAJ Nigeria Limited will channel its N150 million export/trade finance facility towards the sourcing and purchase of cocoa for export.

“The injection of these finances into the poultry and cocoa value chains in Cross River State will create a positive knock-on effect for players along each segment of both value chains and the agribusinesses’ of host communities at large,” he explained.

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