NIRSAL Secures N1bn Facility for Integrated Poultry Farm in Rivers

James Emejo in Abuja

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc and Polaris Bank have provided a N1 billion working capital facility for Globetrot Farmsponsor Limited, an integrated poultry farm in Oyigbo Local Government Area of Rivers State.

This marks the consummation of their partnership in agriculture and agribusiness financing.

Under the partnership, both parties have a mandate to share agribusinesses-related credit risks with commercial lenders.

NIRSAL provided a 50 per cent guarantee on the facility to boost Globetrot’s operations across the farm’s hatchery, breeder, broiler, feed mill, and processing components.

The support for the poultry has positive implications for farmers and consumers of poultry products in Oyigbo, Port Harcourt, and environs, as suppliers of inputs, buyers of day-old-chicks and organic manure and offtakers of poultry get potentially better deals. 

Speaking during a tour of the facility, the Managing Director/Chief Executive, NIRSAL, Mr. Abbas Umar Masanawa, pointed out that Polaris Bank had demonstrated foresight by financing Globetrot under NIRSAL’s de-risked financing model. 

He said the bank was set to maximise the economic opportunities and returns available in Nigeria’s agricultural landscape.

Masanawa was pleased with the passion and professionalism of the management and staff of Globetrot, a confidence booster with regard to optimum loan utilization and prompt repayment.

Earlier, the Managing Director, Globetrot Farmsponsor Limited, Mr. Akpa Innocent Nnanyereugu, thanked NIRSAL and Polaris Bank, not just for the credit facility made available to the farm, but also finding it worthwhile to pay the business a visit and showcase its value offerings to a large audience. 

He was represented by Mr. Charles Adigwe.

The Branch Manager, Polaris Bank, Garrison Branch, Mr. Ejike Aroh, celebrated the valuable business with NIRSAL and Globetrot. 

Aroh restated the bank’s commitment to agribusiness financing, not just for its profitability, but also for the empowerment it directly or indirectly brings to rural Nigerians and their communities.

The tripartite relationship between NIRSAL, Globetrot and Polaris remained part of the growing outcomes of NIRSAL Plc’s high-level engagements with Deposit Money Banks (DMBs) merchant banks, finance houses, MDAs, local and international Development Finance Institutions (DFIs), and sub-national governments, wooing them into an agriculture/agribusiness space that is witnessing paradigmatic changes on account of NIRSAL’s intervention.

The NIRSAL boss had led a small team on a sustained run of visits to MDAs in Abuja and banks and other financial institutions in Lagos, seeking partnerships for outcomes like the growth of Globetrot Farmsponsor Limited, and the development of new vistas for impactful investment in and around agriculture. 

Buoyed by the Federal Government’s commitment to the pursuit of food security, the team also plans to visit state governments to propose mutually beneficial partnerships in the design and implementation of viable agricultural development programmes for job creation, food security and economic growth.

NIRSAL is a creation of the Central Bank of Nigeria (CBN), the Federal Ministry of Agriculture and Food Security and the Bankers’ Committee.

Through NIRSAL, the parties sought to address the low levels of credit going into the agriculture sector by unlocking sustainable financing sources for agriculture and agribusiness in Nigeria.