NIRSAL to in­crease lend­ing to farm­ers to 10%

Daily Trust - - BUSINESS -

The Manag­ing Direc­tor of the Nige­ria In­cen­tive Based Risk Shar­ing Sys­tem for Agri­cul­tural Lend­ing (NIRSAL), Mr Aliyu Hameed, has said the agency is plan­ning to in­crease to­tal value of agri­cul­tural lend­ing - from the cur­rent 1.4% to­wards 10% of the to­tal bank lend­ing by 2026.

In a state­ment yes­ter­day, Hameed said the in­cre­ment would be gen­er­at­ing USD 3 bil­lion of ad­di­tional agri­cul­tural lend­ing to boost food pro­duc­tion lev­els, stim­u­late growth, cre­ate jobs and in­crease the stan­dard of liv­ing of farm­ers.

The NIRSAL MD made the re­marks in his pre­sen­ta­tion at the De­sign Work­shop on Es­tab­lish­ing an African Agri­cul­ture Risk Shar­ing and Fi­nanc­ing Mech­a­nism or­ga­nized by the African De­vel­op­ment bank (AfDB) last week in Nairobi, Kenya.

He said be­tween 2013 and 2015, while still as a project im­ple­men­ta­tion of­fice un­der in­cu­ba­tion within the De­vel­op­ment Fi­nance De­part­ment of the Cen­tral Bank of Nige­ria, NIRSAL was able to guar­an­tee loans to­talling N61.160 bil­lion to agri­cul­ture and paid out N753.35 mil­lion re­bate to bor­row­ers who re­paid their loans on time.

Hameed said NIRSAL also trained 157,000 farm­ers/pri­mary pro­duc­ers in six value chains: rice, co­coa, cot­ton, tomato, sesame and soy­beans.

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