The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has restated its commitment to realizing its vision of “transforming the economy, delivering inclusive growth and positively impacting the lives of Nigerians”.

Aliyu Abdulhameed, NIRSAL Managing Director/Chief Executive Officer, said this in a recent statement during the official launch of the Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited projects in Akpabuyo Local Government Area of Cross River State.

Abdulhameed said NIRSAL, in its bid to actualise its vision, supports all sizes of businesses, whether small, medium or large across the length and breadth of the country, and both projects were testaments to this. With both projects, the poultry and cocoa value chains in Cross River State received a boost that is expected to generate significant gains for the local and national economies. This follows the issuance of a 50% credit risk guarantee (CRG) and 20% Interest Drawback (IDB) by NIRSAL on the respective loans of Gbagolo Integrated Farms Limited – a livestock producer and TOAJ Nigeria Limited – a cocoa dealer.

Leveraging on its CRG – an instrument that NIRSAL utilises to share agribusiness risks with financiers – NIRSAL facilitated the approval and disbursement of N81.8 million and N150 million from Union Bank Plc and Sterling Bank Plc 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.

TOAJ Nigeria Limited, on its part, 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 effect for players along each segment of both value chains and the agribusinesses’ host communities at large.”

“Specifically, the purchase of 25,000 point of lay birds by Gbagolo Integrated Farms will impact poultry feeds sellers and other input suppliers in the pre-upstream value chain segment; and consumers of eggs and chicken layers in the downstream segment,” the statement said. NAN News