Consummating their partnership in agriculture and agribusiness financing, NIRSAL Plc and Polaris Bank have provided a N1 billion working capital facility for Globetrot Farmsponsor Limited, an integrated poultry farm in Oyigbo Local Government Area of Rivers State, South-South Nigeria.
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With a mandate to share agribusiness-related credit risks with commercial lenders, NIRSAL provided a 50 percent guarantee on the facility to boost Globetrot’s operations across the farm’s hatchery, breeder, broiler, feed mill, and processing components.
Speaking during a visit to the company, Abbas Masanawa, managing director of NIRSAL Plc, stated that Polaris Bank had demonstrated foresight by financing Globetrot under NIRSAL’s de-risked financing model, adding that the bank is set to maximize the economic opportunities and returns available in Nigeria’s agricultural landscape.
According to him, the support for Globetrot Limited has positive implications for farmers and consumers of poultry products alike in Oyigbo, Port Harcourt, and environs, as suppliers of inputs, buyers of day-old-chicks and organic manure, and off-takers of poultry get potentially better deals.
“NIRSAL is a creation of the Central Bank of Nigeria, the 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 Nigeria.”
In his remarks, Ejike Aroh, branch manager of Polaris Bank, Garrison reiterated the Bank’s commitment to agribusiness financing, not just for its profitability, but also for empowering rural farmers and their communities.
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Also, Charles Adigwe, representing the Managing Director of Globetrot Farmsponsor Limited, Akpa Innocent Nnanyereugu, commended the efforts by NIRSAL and Polaris Bank, not just for the credit facility made available to the farm, but for also finding it worthwhile to visit the business and showcase its value offerings to a large audience.
