December 20, 2023

Integrated poultry farm in Rivers State, Nigeria, gets US$1.3 million working capital facility

The Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Plc and Polaris Bank have provided a ₦1 billion (US$1.3 million) working capital facility for Globetrot Farmsponsor Limited, an integrated poultry farm in the Oyigbo local government area of Rivers State.

With a mandate to share agribusinesses related credit risks with commercial lenders, NIRSAL provided a 50% guarantee on the facility to boost Globetrot's operations across the farm's hatchery, breeder, broiler, feed mill and processing components.

Executives from NIRSAL and Polaris Bank also visited Globetrot Integrated Farm at Obeakpu, Oyigbo LGA, and were given a tour of the facility by its business development and finance manager, Charles Adigwe.

Speaking during the visit, managing director and chief executive officer of NIRSAL Plc, Abbas Umar Masanawa, stated that Polaris Bank demonstrated foresight by financing Globetrot under NIRSAL's de-risked financing model. He added that the bank is set to maximise the economic opportunities and returns available in Nigeria's agricultural landscape.

NIRSAL is a creation of the Central Bank of Nigeria, Nigeria's Federal Ministry of Agriculture and Food Security and the Bankers' committee. With it, the parties sought to address the low levels of credit going into the agriculture sector by unlocking sustainable financing sources for agriculture and agribusiness in the country.

- Leadership