NIGERIA – Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc and Polaris Bank have joined forces in a strategic partnership to provide a significant boost to agribusiness.
The collaboration has resulted in the disbursement of a N1 billion working capital facility for Globetrot Farmsponsor Limited, an integrated poultry farm located in Oyigbo Local Government Area of Rivers State.
NIRSAL, in alignment with its mandate to share agribusiness-related credit risks with commercial lenders, played a pivotal role by providing a 50% guarantee on the facility.
The infusion of capital aims to catalyze and enhance various aspects of Globetrot’s operations, covering the entire value chain, including the farm’s hatchery, breeder, broiler, feed mill, and processing units.
The collaborative effort is anticipated to have a ripple effect on stakeholders involved in the poultry industry within the region.
Suppliers of inputs, buyers of day-old-chicks and organic manure, and off-takers of poultry products are likely to benefit from more favorable deals facilitated by the financial support extended to Globetrot Limited.
In a notable move, executives from NIRSAL and Polaris Bank visited Globetrot Integrated Farm in Oyigbo, Rivers State.
During the visit, they received a comprehensive tour of the facility, gaining insights into the various components of the integrated poultry farm.
Mr. Charles Adigwe, the Business Development and Finance Manager at Globetrot Farmsponsor Limited, provided valuable insights into the operations and expressed gratitude for the collaborative support.
Mr. Abbas Umar Masanawa, Managing Director of NIRSAL Plc, commended Polaris Bank for its forward-thinking approach to financing Globetrot under NIRSAL’s de-risked financing model.
He emphasized the pivotal role of the bank in maximizing economic opportunities and returns within Nigeria’s dynamic agricultural landscape.
Masanawa further expressed satisfaction with the passion and professionalism exhibited by the management and staff of Globetrot Farmsponsor Limited.
This, he assured, would instil confidence in the prudent utilization of the loan facility and timely repayment, reflecting a commitment to long-term sustainability.
Mr. Charles Adigwe, representing the Managing Director of Globetrot Farmsponsor Limited, conveyed appreciation to both NIRSAL and Polaris Bank for their support.
The visit by executives from the financial institutions was seen as not only an endorsement of the credit facility but also an opportunity to showcase the value propositions of Globetrot Farmsponsor Limited to a broader audience.
Mr. Ejike Aroh, Branch Manager of Polaris Bank, Garrison Branch, reiterated the bank’s steadfast commitment to agribusiness financing.
Beyond the profitability aspect, he underscored the empowerment brought directly or indirectly to rural Nigerians and their communities through strategic financial partnerships.
