135 Billion Naira Is Set To 'Fall On' Farmers In Nigeria
The Central Bank of Nigeria, CBN has been bullish on the agric sector over the past three years, especially on rice farming.
But it has an even more ambitious target going forward.
The agency in charge of implementing the CBN’s Anchor Borrowers’ Programme, ABP the Nigeria Incentive-Based Risk Sharing for Agriculture Lending, NIRSAL has now unveiled plans to assist farmers generate gross revenue of 135 billion naira this year through the ABP.
The Managing Director, NIRSAL, Mr. Aliyu Abdulhameed, said this at a PULA Insurance workshop held in Abuja.
He spoke on the theme, ‘Accelerating growth of agriculture insurance in Nigeria – Lessons learnt and way forward’.
NIRSAL is a risk-sharing system created by the CBN with a mandate to enhance the flow of affordable finance and investments into fixed agricultural value chains.
Abdulhameed stated that based on the strategic plan for 2018, NIRSAL would support about 500,000 smallholder farmers to cultivate over 600,000 hectares, with target grain product equivalent of 1.5 million metric tonnes.
According to him, based on current valuation of 90,000 naira per tonne, this will result in a gross revenue of 135 billion naira for the farmers.
He added that NIRSAL would continue to increase the percentage of private sector funds in agriculture.
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