African financial institutions to adopt Nigeria’s agric credit scheme

Agriculture
African financial institutions are to adopt the Nigerian Incentive Based Risk Sharing for Agricultural Lending (NIRSAL) strategy for lending to agriculture and allied investments on the continent.

The plan followed the approval and commendation the NIRSAL project received at the just concluded 2016 African Green Revolution Forum (AGRF) in Nairobi, Kenya where Nigeria was cited as a country that had successfully developed a national risk sharing facility for banks to lend to the sector.

Specifically, it was stated that through NIRSAL, the nation witnessed a 600 per cent increase in lending to agriculture. The development, it is believed, led to many banks establishing specialised agricultural desks.

A statement yesterday in Abuja by NIRSAL’s Coordinator of Research and Strategy, Bello Andullahi Abba, said the Managing Director, Aliyu Abdulhameed, delivered a keynote speech at the well-attended event graced by agricultural and development experts across Africa.

AGRF is a yearly forum that aims to accelerate progress on agriculture’s contribution to economic growth and transformation for shared prosperity and improved livelihoods for all.

The sixth edition brought together heads of state and government, farmer organisations, business leaders, captains of industry, eminent thought leaders, development partners, researchers as well finance and investment leaders to share ideas on how to create, align and leverage financial, technical, policy and market-expanding resources to develop game-changing and inclusive agribusiness models for the continent.

Speakers, who hailed the project’s success and recommended its adoption, included President Uhuru Kenyatta of Kenya; African Development Bank (AFDB) president, Dr. Akinwumi Adesina; vice president, AGCO, Dr. Rob Smith; YARA president and chief executive, Svein Tore Holsether; AGRA board chair Strive Masiyiwa; president, Dr. Agnes Kalibata and President Paul Kagame of Rwanda.

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