The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has said that it facilitated over N148 billion in finance and investments for agriculture and agribusiness.

According to the de-risking company, the agricultural value chains saw an inflow of over N30 billion from commercial banks and other sources in the last 13 months, an operation it facilitated.

NIRSAL made this known via its Managing Director, Mr. Aliyu Abdulhameed, during a press briefing in Abuja, a Vanguard report stated.

The MD also stated that it enrolled 1.4 million persons into innovative insurance products and aggregated over 3,000 agro geo-cooperatives with 500,000 farmers, all designed by NIRSAL.

In Abdulhammed remarks, this feat was not hindered by the COVID-19 pandemic, despite the scourge disrupting the global economy last year.

The NIRSAL boss said, “In the course of the last 13 months, we facilitated the flow of over N30 billion into agricultural value chains from commercial banks and other sources.

“Even though our operations suffered a stall during the lockdown of 2020, our technological depth gave us a pathway to return to work while remaining safe and socially-distanced.

“As you know, it was important to continue, even increase, food and raw materials production as the pandemic bit harder.

“As enablers of actors in the agricultural value chain, we remained operational for those who were allowed by the Federal Government to move around for the purpose of producing food and rendering essential services in the society.

“By remaining operational, our numbers grew: As at fourth-quarter 2020 (Q4 2020), we had achieved the following: Facilitated over N148 billion in finance and investments for agriculture and agribusiness.

“We also aggregated over 3,000 agro geo-cooperatives with 500,000 farmers on nearly 800,000 hectares of land; enrolled 1.4 million persons onto innovative insurance products designed by NIRSAL in collaboration with a consortium of agricultural insurance underwriters,” the MD disclosed.

NIRSAL has also grown its balance sheet to N140 billion, equity by 1,415 percent and total assets by 87 percent through prudent management of its resources, Abdulhammed said.

The MD further assured that the organisation would continue to work to improve the agricultural value chain.

SOURCE: AGRONIGERIA