NIRSAL secures N1bn poultry financing facility

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc. in partnership with Polaris Bank has secured a N1billion working capital facility for Globetrot Farmsponsor Limited, an integrated poultry farm in Oyigbo Local Government Area of Rivers State, South-South Nigeria.

In a statement by the management, NIRSAL said it will provide a 50% guarantee on the facility to boost Globetrot’s operations across the farm’s hatchery, breeder, broiler, feed mill, and processing components.

Speaking during the visit to the farm, Mr Abbas Umar Masanawa, Managing Director/CEO of NIRSAL Plc, stated that, “Polaris Bank had 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.”

Earlier, in his welcome address, Mr Charles Adigwe, who represented the Managing Director of Globetrot Farmsponsor Limited, Mr Akpa Innocent Nnanyereugu, said the credit facility provided by NIRSAL and Polaris Bank will improve the growth of the agric value chain and also provide meaningful employment.