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NIRSAL Guarantees N61.16bn Loans To Agriculture - Agriculture - Nairaland

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NIRSAL Guarantees N61.16bn Loans To Agriculture by obailala(m): 11:44am On Aug 01, 2016
[size=14pt]NIRSAL Guarantees N61.16bn Loans to Agriculture[/size]

- Plans credit to 3.8m farmers over 10 years

Managing Director, Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu Hameed has said that the firm has guaranteed loans totaling N61.16billion to agriculture and disbursed N753.35million as rebate to borrowers who paid back loans on time between 2013 and 2015.

This was the period when the agency was still a project implementation office under incubation within the Development Finance Department of the Central Bank of Nigeria (CBN).

He added that NIRSAL had also guaranteed up to 207 agricultural value chain projects valued at N39.49billion under the Growth Enhancement Scheme (GES) programme of the Federal Ministry of Agriculture & Rural Development (FMARD) and paid $2.2million (N439.09million) as interest draw back to beneficiaries on 91 agriculture related projects.
Hameed said NIRSAL had between 2013 and mid-2016 trained 157,000 farmers/primary producers in 6 value chains including rice, cocoa, cotton, tomatoes, sesame, and soybeans.

Speaking during a presentation at the Design Workshop on Establishing an African Agriculture Risk Sharing and Financing Mechanism which was organised by the African Development Bank (AfDB) in Nairobi, Kenya, the NIRSAL boss argued that the growth of agriculture in Nigeria will lead not only to prosperity but also improve income equality in the country.
He, maintained that the positive impact of agriculture on income inequality was one of the several reasons for the focus of the Buhari administration on the sector which is believed to have the potential to boost the economy and improve the lives of Nigerians.

Hammed further described the progress made so far by NIRSAL as a product of the farsighted pro-people vision of the Buhari administration and the continued commitment of the CBN under Mr. Godwin Emefiele to achieving the vision.
His comments also came as the AfDB identified the NIRSAL financial model as of the current successes of African agriculture during its post event assessment of the workshop.

Describing NIRSAL as a “Game Changer” in Nigeria’s agricultural space, the MD added that it planned to further facilitate lending to 3.8 million agricultural producers out of the estimated 14 million agricultural producers in the country within the next 10 years by providing guarantees through intermediaries including Microfinance institutions and cooperatives.

In a statement by NIRSAL’s Coordinator Research & Strategy, Bello Abdullahi Abba! Hameed said part of the key objective of NIRSAL was to increase total value of agricultural lending- from the current 1.4 percent to 10 percent of total bank lending by 2026 and generating by $3 billion of additional agricultural lending in order to boost food production levels, stimulate inclusive growth, create jobs and increase the standard of living of farmers who constitute the greater majority of our population.
Essentially, NIRSAL was set up in 2013 as an initiative of the CBN, the Bankers’ Committee and the FMARD as a primary platform for managing agribusiness risk so banks can lend with confidence to the sector which had largely been neglected.

NIRSAL use credit guarantees to address the risk of default and provide technical assistance and incentives to both financial institutions and borrowers to bridge understanding and increase capacity to payback.

http://www.thisdaylive.com/index.php/2016/08/01/nirsal-guarantees-n61-16bn-loans-to-agriculture/

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Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by mrvitalis(m): 11:50am On Aug 01, 2016
All this billions.. Who actually gets them?? Cos most Nigerians have no idea

2 Likes

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by TheGoodJoe(m): 1:50pm On Aug 01, 2016
This is a very good development. A scheme that will bring development in the country. I hope those in charge of this manage the resources well. Kudos to the Federal Government and CBN.

Slowly, Nigeria will become great.

cc: lalastiscala, Mynd44.
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by veekid(m): 1:58pm On Aug 01, 2016
Good
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Sunnycliff(m): 1:58pm On Aug 01, 2016
Real farmers oftentimes don't meet up the criteria to assess these funds!

2 Likes 1 Share

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Nobody: 1:59pm On Aug 01, 2016
nice



Check this out


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https://scholarzine./2016/07/31/african-time-a-national-sin/
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by jamex93(m): 2:00pm On Aug 01, 2016
Is okay
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Generalkorex(m): 2:00pm On Aug 01, 2016
Gud idea
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Sunnycliff(m): 2:00pm On Aug 01, 2016
I did my msc thesis on this NIRSAL but my anger is that the bulk of these money is in the hands of political farmers!

The real farmers are just given peanuts even when they come as a group!

Too much corruption dey this country o! Chop and clean mouth things with over bloated figures!

5 Likes 2 Shares

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Enkyl(m): 2:01pm On Aug 01, 2016
Sunnycliff:
I did my msc thesis on this NIRSAL but my

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by lastmessenger: 2:01pm On Aug 01, 2016
How can I access this loan?
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by falcon01: 2:01pm On Aug 01, 2016
nice move
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Tintinnoty(m): 2:02pm On Aug 01, 2016
One way or the other, bulk of this money will find it way into the pocket of private individual the political farmers rather than the real farmers.
Corruption is so deep rooted in this country that I doubt if Jesus christ comes to the world today he can eradicate this monster call corruption
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Sunnycliff(m): 2:03pm On Aug 01, 2016
Enkyl:


Smiling can make you live longer and happier !

2 Likes

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Nobody: 2:03pm On Aug 01, 2016
. I am in total support of this, but I do hope the means of fund to our agriculturist will be available to the man see as a commoner in our society.

I pray this initiative does not only helps us reduce the cost of agriculturist products, but it should also assist in reducing unemployment through increased fund in the agriculturalist and thus having more employees.


In a another vein entirely, do you know what's happening on nairaland, Check my signature and participate.
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Category1: 2:03pm On Aug 01, 2016
[size=13pt]house of assembly gets more than that.[/size]
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by gbaskiboy: 2:04pm On Aug 01, 2016
Ayam coming
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by THEWEDDINGSTORE: 2:04pm On Aug 01, 2016
cool
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by bigcil2(m): 2:05pm On Aug 01, 2016
That's good news for farmers. There's no economy that doesn't rely on the activities of farmers, just like the we humans can't survive with the bacteria on our skins or in our intestines.

BTW

We have Farm lands for Sale in Ogun state
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Nobody: 2:16pm On Aug 01, 2016
Ndi Anambra should tap into this fund so that they can export more Ugu to Europe, America and other parts of the world as Obiano did not quite long.
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by meltiplexer: 2:28pm On Aug 01, 2016
Who will this fund eep now,the politican farmers i think abi. Naijabet man say so
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by valiantheartprod(f): 2:28pm On Aug 01, 2016
WO, wow, sharp guys in the government can now change wardrobe.
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Enkyl(m): 2:29pm On Aug 01, 2016
Sunnycliff:



Smiling can make you live longer and happier !

1 Like

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Enkyl(m): 2:32pm On Aug 01, 2016
Sunnycliff:



Smiling can make you live longer and happier !

1 Like

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by confistified(m): 3:02pm On Aug 01, 2016
meltiplexer:
Who will this fund eep now,the politican farmers i think abi. Naijabet man say so
Boss ur boy dey expect ur hand o
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by bozz007(m): 3:04pm On Aug 01, 2016
NIRSAL DOES NOT DIRECTLY GIVE LOANS TO FARMERS

What it does is to guarantee a portion of a loan that was extended by a Bank to a Farmer. The loan is extended on the Bank's commercial rate and when the Farmer services the loan as at when due, NIRSAL pays him/her 20-40% rebate on the interest charged by the Bank.

If the Farmer doesn't meet repayment terms, no rebate.

1 Like

Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by MrImole: 3:24pm On Aug 01, 2016
A máa ní e so béè o.
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by Jilo83(m): 3:34pm On Aug 01, 2016
We only see billions of naira and dollars on papper but the real farmers wouldn't get anything
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by emtol: 4:14pm On Aug 01, 2016
mrvitalis:
All this billions.. Who actually gets them?? Cos most Nigerians have no idea
I wonder ooo
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by emtol: 4:17pm On Aug 01, 2016
Jilo83:
We only see billions of naira and dollars on papper but the real farmers wouldn't get anything
The main problem be say one go apply for bank loan for agric. production, dem go ask u to bring collateral worth abt 3 million. Na for where I go find 3m.
Re: NIRSAL Guarantees N61.16bn Loans To Agriculture by meltiplexer: 4:20pm On Aug 01, 2016
[quote author=confistified post=48089052] Boss ur boy dey expect ur hand o[/quoth]


the vote abi, Naijabet man say so

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