NIRSAL, Polaris Bank Team Up To Inject ₦1 Billion Tnto Rivers State Poultry Farm

News in brief:- ***Nigeria's NIRSAL and Polaris Bank join forces, providing a ₦1 billion working capital facility to Rivers State-based poultry farm, Globetrot Farmsponsor Limited.

• With NIRSAL offering a 50% guarantee on the facility, the collaboration aims to boost Globetrot's operations across various units and contribute to the growth of the agricultural sector in Rivers State and Nigeria.*** In a significant boost for agricultural and agribusiness financing, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and Polaris Bank have collaborated to provide a ₦1 billion working capital facility to Globetrot Farmsponsor Limited, an integrated poultry farm in Rivers State. NIRSAL, mandated to share agribusiness-related credit risks with commercial lenders, played a key role by offering a 50% guarantee on the facility, according to a news report. This financing aims to enhance Globetrot's operations across its hatchery, breeder, broiler, feed mill, and processing units. NIRSAL and Polaris Bank solidified their agreement during a recent visit to Globetrot's integrated farm. In a statement, the Managing Director/CEO of NIRSAL, Abbas Masanawa, commended Polaris Bank for its commitment to financing agricultural ventures under NIRSAL's de-risked model. He expressed optimism about the potential of Nigeria's agricultural sector and emphasised the importance of responsible loan utilisation and prompt repayment. Representing Globetrot Farmsponsor Limited, Charles Adigwe, the Business Development and Finance Manager, expressed gratitude to both institutions for their support. He acknowledged the significance of the credit facility and the recognition it signifies for the farm's contributions to the agricultural sector. This collaboration is expected to contribute positively to the growth of the agricultural sector in Rivers State and Nigeria as a whole. By providing access to crucial financing, experts believe that NIRSAL and Polaris Bank are enabling agribusinesses like Globetrot to expand their operations. It will also help them to continue contributing to food security and economic development.