Post by Trade Coach on Feb 23, 2021 11:02:35 GMT 1
NIRSAL MFB Facilitates N148 Billion Credit For Agric/Agri Business Investment
The Central Bank of Nigeria (CBN) wholly owned Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has reported that it has facilitated over N148 Billion in finance and investments for agriculture and agribusiness in the country.
It also said that it has assembled more than 3,000 geo-cooperatives with 500,000 farmers cultivating 800,000 hectares of land.
This report was made by the Managing Director/CEO of the Microfinance Bank, Mr. Aliyu Abdulhameed in Abuja, the nation’s capital city. He also revealed that the company facilitated the flow of over N30bn into the agricultural value chain from various sources, including commercial banks.
The huge success achieved by the bank can be attributed to the support received from the Central Bank Governor, Mr. Godwin Emefiele, the MFB boss said.
No doubt, the Microfinance Bank had been good in prudent management of scarce resources, and good corporate governance by his team.
He also said that the bank remained open and operational for those willing to work and produce food for the nation. In doing this, they had facilitated over N148bn in finance and investments for agriculture and agribusiness by the last quarter of 2020.
Apart from aggregating over 3,000 geo-cooperative societies with 500,000 farmers on close to 800,000 hectares of land, it has enrolled 1.4 million persons onto innovative insurance products designed by NIRSAL in collaboration with a consortium of agricultural insurance underwriters.
The most important being the engagement with the Federal Ministry of Industry, Trade and Investment in the development of a policy on Secured Agricultural Commodity Transport and Storage Corridors (SATS-C). This is to eliminate dismal post-harvest losses suffered in Nigeria by creating efficient routes for commodity movement and storage.
The Managing Director and Chief Executive Officer of the MFB revealed that not only that the bank has been impacting positively on the national economy, they have also been building a world-class corporate entity as well.
They have grown their balance sheet to N140bn, increased their equity by 1,415% and their total assets by 87%.
The number of farmers they are working with has grown tremendously, especially after fully unveiling their agro Geo-Cooperative Model. This agro geo-cooperative model is a fantastic innovation.
A little peep into the model of Agricultural Geo-Cooperative Societies by NIRSAL: This is an exercise by the bank to create 16,000 Agro Geo-Cooperatives (ranging from 10 to 20,001 hectares and above) on 4 million hectares of farmland and enrolling 8 million farmers across Nigeria who are expected to produce about 12 million metric tonnes of Grain Product Equivalent (GTE) annually over the medium to long term.
To be able to achieve this, the bank has been calling on all concerned, come and join the various geo-cooperatives in their various communities in order to benefit from this programme.
According to the bank, individuals, community leaders, retired people, those who are already engaged with various agricultural value chain businesses are free to join the programme.
From the foregoing, our graduates should not be complaining or going about jobless, this opportunity will not only give our teeming population jobs, but will enable the country to feed itself and have surplus to export too.
The bank has established zonal offices in all the states of the Federal Republic of Nigeria, and has also included the names of their contact officers.
All farmers are encouraged to take advantage of this wonderful opportunity as a means of employment and a good source of income too.
The procedure is simple, organize yourselves into cooperative societies in your locations, go register at the zonal office in your state and start getting to know the further requirements you need to be qualified to get the loan.
There is currently a huge gap to be filled, go in and benefit from the programme; we will continue to feed you with beneficial information on agricultural and agro-allied businesses in Nigeria.
The Central Bank of Nigeria (CBN) wholly owned Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has reported that it has facilitated over N148 Billion in finance and investments for agriculture and agribusiness in the country.
It also said that it has assembled more than 3,000 geo-cooperatives with 500,000 farmers cultivating 800,000 hectares of land.
This report was made by the Managing Director/CEO of the Microfinance Bank, Mr. Aliyu Abdulhameed in Abuja, the nation’s capital city. He also revealed that the company facilitated the flow of over N30bn into the agricultural value chain from various sources, including commercial banks.
The huge success achieved by the bank can be attributed to the support received from the Central Bank Governor, Mr. Godwin Emefiele, the MFB boss said.
No doubt, the Microfinance Bank had been good in prudent management of scarce resources, and good corporate governance by his team.
He also said that the bank remained open and operational for those willing to work and produce food for the nation. In doing this, they had facilitated over N148bn in finance and investments for agriculture and agribusiness by the last quarter of 2020.
Apart from aggregating over 3,000 geo-cooperative societies with 500,000 farmers on close to 800,000 hectares of land, it has enrolled 1.4 million persons onto innovative insurance products designed by NIRSAL in collaboration with a consortium of agricultural insurance underwriters.
The most important being the engagement with the Federal Ministry of Industry, Trade and Investment in the development of a policy on Secured Agricultural Commodity Transport and Storage Corridors (SATS-C). This is to eliminate dismal post-harvest losses suffered in Nigeria by creating efficient routes for commodity movement and storage.
The Managing Director and Chief Executive Officer of the MFB revealed that not only that the bank has been impacting positively on the national economy, they have also been building a world-class corporate entity as well.
They have grown their balance sheet to N140bn, increased their equity by 1,415% and their total assets by 87%.
The number of farmers they are working with has grown tremendously, especially after fully unveiling their agro Geo-Cooperative Model. This agro geo-cooperative model is a fantastic innovation.
A little peep into the model of Agricultural Geo-Cooperative Societies by NIRSAL: This is an exercise by the bank to create 16,000 Agro Geo-Cooperatives (ranging from 10 to 20,001 hectares and above) on 4 million hectares of farmland and enrolling 8 million farmers across Nigeria who are expected to produce about 12 million metric tonnes of Grain Product Equivalent (GTE) annually over the medium to long term.
To be able to achieve this, the bank has been calling on all concerned, come and join the various geo-cooperatives in their various communities in order to benefit from this programme.
According to the bank, individuals, community leaders, retired people, those who are already engaged with various agricultural value chain businesses are free to join the programme.
From the foregoing, our graduates should not be complaining or going about jobless, this opportunity will not only give our teeming population jobs, but will enable the country to feed itself and have surplus to export too.
The bank has established zonal offices in all the states of the Federal Republic of Nigeria, and has also included the names of their contact officers.
All farmers are encouraged to take advantage of this wonderful opportunity as a means of employment and a good source of income too.
The procedure is simple, organize yourselves into cooperative societies in your locations, go register at the zonal office in your state and start getting to know the further requirements you need to be qualified to get the loan.
There is currently a huge gap to be filled, go in and benefit from the programme; we will continue to feed you with beneficial information on agricultural and agro-allied businesses in Nigeria.
