Yakubu
Central Bank of Nigeria (CBN) has approved the disbursement of about N75billion as loan to farmers in the 36 states and the Federal Capital Territory (FCT) under the Nigerian IncentiveBased Risk Sharing in Agricultural Lending (NIRSAL).
It was initiated by the apex bank, the Bankers Committee and the Federal Ministry of Agriculture and Rural Development, to guarantee 75 per cent loans provided by Nigerian commercial banks to farmers as part of efforts to transform the countrys agricultural sector.
Head of NIRSAL Project Implementation Office under the Development Finance Department of the CBN, Jude Uzonwanne, who spoke on the role of NIRSAL in Abuja, told the Minister of State for the Federal Capital Territory, Oloye Akinjide, that the guarantee would be issued to farmers through commercial banks and other financial institutions.NIRSAL would mobilize financing for Nigerian agribusiness by using credit guarantees to address the risk of default, Mr.