The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) has initiated actions to raise over N140 billion to finance agriculture over the next three years.
US$200 million (N75 billion) will be raised by NIRSAL in partnership with the World Bank’s Agro-Processing, Productivity Enhancement and Livelihood Improvement Support (APPEALS) project for the development, financing, and support of de-risked and optimized agribusiness projects.
In a statement issued by NIRSAL on Sunday, the Central Bank of Nigeria (CBN) agric financing company “will layer its Tools, Techniques, Methodologies and strategic Partnerships (TTMPs) according to its Mapping to Markets (M2M) strategy on the project, with the shared aim of enhancing agricultural productivity of small and medium scale farmers and improvement of value addition along the cassava, cashew, rice, poultry, aquaculture, cocoa, wheat, tomato, maize, ginger and dairy value chains in a sustainable manner.”
The project is to be deployed in Cross River, Enugu, Lagos, Kogi, Kaduna, and Kano States, will target 60,000 beneficiaries, and 360,000 farm household members as indirect beneficiaries. “It is anticipated that 35% of direct beneficiaries (or 21,000 individuals) will be women. Additionally, the project has a dedicated sub-component to benefit women and youth that will allow them develop agri-businesses that are expected to create jobs and improve their livelihoods.”
Speaking at the signing ceremony, Managing Director/CEO of NIRSAL Plc, Mr. Aliyu Abdulhameed, assured APPEALS that, NIRSAL will “deploy its technologies towards the formation of Agro-Geo-Cooperatives for selected commodity value chains through geospatial mapping, soil suitability tests, BVN enrolment for farmers in addition to the creation of Virtual Asset Titles (VAsT), establishment of field governance structures, and training of farmers on good agronomic practices, team dynamics and social engineering. NIRSAL will also link producers to relevant consumer, industrial and export markets and work with the State teams to structure agribusiness projects patterned after agreed sustainable models for APPEALS’ financing while deploying NIRSAL’s partnerships and models for Technology demonstration and adoption.