NIRSAL, Stanbic IBTC inject N14bn into grain financing, processing

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From: Bamidele Fashube, Abuja

THE Nigerian Incentive Risk Sharing Agricultural Lending (NIRSAL) in partnership with Stanbic IBTC on Monday disclosed that N14 billion has so far been injected into grain financing, processing as well as fertilizer processing.

The duo who met in Abuja also resolved to disburse the outstanding N36 billion in bits of N9 billion on agribusiness projects.

“To further strengthen the existing N50Billion partnership between NIRSAL and @StanbicIBTC, the two organisations met to assess their collaboration. It was revealed that so far, N14Billion has been injected into mid-stream processing, grain financing, and fertilizer processing.

“It was further agreed that the outstanding N36Billion will be disbursed in quarterly batches of N9Billion towards agribusiness projects which NIRSAL will guarantee and layer its Tools, Techniques, Methodologies and strategic Partnerships on, according to its M2M strategy.”

“A technical team was also set up to deliberate on how to enhance the partnership and conduct a quarterly review to evaluate projects while the two organisations will meet half-yearly to provide feedback.”

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