NIRSAL to train 100,000 farmers in Nigeria 

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) is to commence training of 100,000 farmers in Nigeria.

The scheme is done under the bank’s agro geo-cooperative training programme.

The initiative aims to support the federal government’s food security agenda by empowering farmers and enhancing agricultural productivity.

NIRSAL’s Head of Value Chain Capacity Development, Ibrahim Suleiman, disclosed the target at the conclusion of a midyear capacity development programme for aquaculture and cassava value chain actors in Imo, Sokoto, Kwara, and Oyo states.

The programme trained over 2,000 lead farmers and extension agents, who are expected to cascade the knowledge to an additional 40,000 farmers.

The Agro Geo-Cooperative model, a core component of NIRSAL’s strategy, focuses on organizing smallholder farmers into cohesive groups with robust governance structures.

This approach facilitates access to finance, inputs, and mechanization services, leading to increased yields and improved market access.

Imo State House Committee Chairman on Agriculture, Uche Agabige, commended NIRSAL for its efforts in boosting agricultural productivity in the state.

What is NIRSAL?

NIRSAL, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, is a innovative financial institution designed to address the challenges of agricultural financing in Nigeria.

Launched in 2011 by the Central Bank of Nigeria, NIRSAL aims to increase access to finance for farmers, agribusinesses, and agricultural value chain players, thereby boosting agricultural production and economic growth.

One of the key features of NIRSAL is its risk-sharing mechanism, which provides incentives for commercial banks to lend to agricultural projects.

By sharing the risk of lending, NIRSAL reduces the burden on banks and encourages them to increase their lending to the agricultural sector.

This approach has been successful in increasing the flow of credit to agriculture, with NIRSAL facilitating over N100 billion in agricultural loans since its inception.

NIRSAL also provides technical assistance and capacity building for farmers and agribusinesses, helping them to improve their productivity and competitiveness.

This includes training on best practices in agriculture, business management, and financial literacy.

By building the capacity of agricultural players, it helps to ensure that they are able to effectively utilize the credit facilities provided and repay their loans.

Another important aspect of NIRSAL is its focus on inclusive finance.

The program aims to reach smallholder farmers, women, and youth, who are often excluded from formal financial services.

By targeting these groups, NIRSAL helps to promote financial inclusion and reduce poverty in rural areas.

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