February 20, 2020

NIRSAL facilitates N102 b Agric loans

NIRSAL facilitates N148bn into agric sector

…creates 400, 000 jobs

Emma Ujah, Abuja Bureau Chief

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, (NIRSAL) has facilitated over N102 Billion as loans from Deposit Money Banks (DMBs) for various activities in the Agricultural Value Chains in the country.

Also read: QuickCheck announces Strategic Partnership with Jumia&PayAttitude to provide loans to Thousands of Nigerians

The institution’s Managing Director, Mr. Aliyu Abdulhameed, disclosed this in a chat with journalists in Abuja.

According to the MD, NIRSAL has paid out a total of N4.6 Billion as claims to providers of finance (Deposit Money Banks) on Credit Risk Guarantees that crystallized.

An additional N1.2 Billion, he said, has been paid to prudent borrowers as Interest Drawbacks who have found their cost of funds and businesses boosted as a result.

NIRSAL Plc, a wholly-owned corporation of the Central Bank of Nigeria (CBN), is a US$500million Non-Bank Financial Institution specifically designed to Redefine, Measure, Re-Price and Share agribusiness-related credit risk.

Details later…