National Wire About Nigerians, Nigerian Business and Other Stories
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has entered into a N50 billion agriculture financing partnership with Stanbic IBTC Bank for the 2017 and 2018 dry and wet seasons.
A Memorandum of Understanding was signed in Abuja by the Managing Director, NIRSAL, Aliyu Abdulhameed, and his Stanbic IBTC Bank counterpart, Dr. Ademola Shogunle. Under the terms of the partnership, NIRSAL is to provide credit guarantees to cover up to 75 per cent of Stanbic IBTC loans to bankable agricultural projects, using its $300 million risk sharing facility, according to a statement by the two firms.
Speaking on the partnership, which is expected to boost agricultural productivity in the country, Abdulhameed said it would support projects in livestock, crops, mechanisation, logistics and poultry.
He explained that the first phase of the scheme was projected to create over 92,000 direct jobs, impact about 200,000 lives, boost incomes of rural farmers and complement the government’s efforts to drive inclusive economic growth through agriculture.
Photo Caption: Managing Director, NIRSAL, Aliyu Abdulhameed
