The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending has facilitated over N102bn as loans from commercial banks.
The Managing Director of the corporation, wholly-owned by the Central Bank of Nigeria, Aliyu Abdluhameed, disclosed this to journalists in Abuja on Thursday.
He said, “It is important to state that through NIRSAL’s facilitation, over 400,000 jobs have been created and two million lives positively impacted in the pre-upstream, upstream, midstream and downstream segments of the agricultural value chain, specifically in the areas of mechanisation, input supply, primary production and processing.
“Insurance is a critical measure deployed by NIRSAL in managing and mitigating risk. It is an essential component of NIRSAL’s five pillars. This insurance facility is designed to expand agricultural insurance products to reduce credit risk and increase lending across the agricultural value chain.
“NIRSAL’s goal is to expand insurance uptake by primary producers from 0.5 million to 3.8 million by 2026 and continually develop insurance products that will give financial institutions and agricultural value chain players the comfort they need to lend to the agricultural sector while building the capacities of underwriters.”