Heritage Bank Plc and the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) has concluded partnership arrangements that will lead to the identification and secured financing of impactful agribusinesses within all the segments of the agricultural value chain.
The partnership would cover financing from primary production of raw materials and sustaining the processing industries to exportation of the produce.
The Managing Director of the bank, Ifie Sekibo, said that the partnership is important because it will help the bank leverage its balance sheet to make loans and credit available at very low interest rates to commercially viable agricultural projects that have been packaged and fully de-risked.
He disclosed that arrangements have been concluded by the bank to revolutionise agricultural sector by widening and deepening the participation of digital generation in agribusiness.
Aliyu Abdulhameed, Managing Director, NIRSAL, said the agency is willing to work with Heritage Bank to create secured structural finance schemes, which will enable the bank lend confidently, while at the same time protecting its balance sheet.