The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending NIRSAL is seeking for a robust partnership with the Family Empowerment and Youth Re-orientation Path-Initiative FEYReP, through the formation of Agro Geo Cooperative, to enroll profile and structure farmers in Akwa Ibom for commercial farming and as well facilitate the flow of finance to them.
The body which is an initiative of the Central Bank of Nigeria, the Bankers’ Committee and the Federal Ministry of Agriculture and Rural Development, says the collaboration will help deliver food security, financial inclusion, wealth creation and economic growth in the state.
The head Uyo Project, Monitoring, Reporting and Remediation Office, Madam Helen Akula, disclosed this on Tuesday, February 23, 2021 during a courtesy call on the Wife of Akwa Ibom State Governor, Her Excellency, Dr. Mrs. Martha Udom Emmanuel at Government House, Uyo.
Akula in her speech noted that NIRSAL exist to create “a handshake between Agricultural Value Chain and Financial sector to boost productivity, food security and the profitability of agribusiness in Nigeria.”
She added that at the heart of the body’s strategy is the Credit Risk Guarantee (CRG) which enhances the flow of finance and investment into fixed Agricultural Value Chains by serving as a buffer that encourages investors to fund verified bankable projects.
While highlighting the achievements of NIRSAL in the state to the governor’s wife, the NIRSAL representative pointed out that through the Anchor Borrower’s Program, Uyo Women Agro Link AGC (WALIF) with 475 farmers for cultivation of cassava in Aya Obio Akpa in Oruk Anam LGA was approved by Central Bank of Nigeria and with funds disbursed in 2020.
In her response, the Wife of Governor, Dr. Martha Udom Emmanuel appreciated the group for coming and stated that she was open for any collaborative effort that would be beneficial to the people of the state.
She pointed out that it has been the desire of her husband’s administration to see the State produce what it consumes, thus the massive investments in the agricultural sector made by the governor. She also added that more awareness needs to be created by the body to educate farmers on how to access grants, stating that it was her belief this will help enhance productivity and as well improve the economy of the state.
Dr. Emmanuel thereafter assured of her readiness to work with the group to ensure that all set targets are achieved for the benefit of all.