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Agribusiness attracts $375m funding from banks – NIRSAL MD

The Central Bank of Nigeria and NIRSAL Plc’s initiative to de-risk agribusiness in the country has  facilitated funding from commercial banks across the value chain to the tune of $375 million, the Managing Director/CEO of NIRSAL, Mr. Aliyu Abdulhameed, has said.

Speaking, yesterday, at the signing of agreement between NIRSAL Plc and the International Centre for Tropical Agriculture (CIAT) on the imperatives of creating Climate Risk Profiles in Nigeria, Abdulhameed said in addition to that, the agency trained over 700,000 farmers on good agronomic practices and financial management. 

It also provided high quality agricultural inputs and affordable finance to more than 500,000 smallholder farmers under three farming seasons between 2017 and 2018. 

According to Abdulhameed, effective decision-making is crucial to the success of any business, hence creating climate risk profiles will strengthen existing decision support systems in agriculture and present a more palatable investment atmosphere to investors. 

It will also build the capacity of stakeholders for identifying and managing climate risks in agribusiness, facilitate the development of robust response plans and programmes for a climate-resilient agricultural sector,  he said. 

He stated that the agreement with CIAT will ensure that all climate risks that can jeopardize the future of the agriculture sector are dimensioned and adequately addressed.  

The African Director of CIAT, Dr. Debisi Araba, in his remarks, explained the centre’s involvement in the generation of sub-national climate risk profile reports for Kenya which are instrumental in triggering a $250 million World Bank fund earmarked for climate change mitigation through agriculture. 

The capabilities of CIAT, Dr. Araba said, include the ability to anticipate climatic variations, leading to smart agricultural risk management.

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