NIRSAL Engages NASENI To Tackle Tractor Shortages In Agric Sector

…Partnership Will Create 110,000 Jobs

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending has entered into partnership with the National Agency for Science and Engineering Infrastructure to provide agricultural engineering solutions to farmers across agricultural value chains.

Advertisement

NIRSAL said in a mailed statement on Friday that the scheme would tackle tractor shortages experienced by farmers and tackle irrigation challenges for small farmers.

The development would boost the employment of at least 110,000 Nigerian, with 10,000 employed directly and 100,000, indirect jobs.

NIRSAL said the solutions would be provided through a “Comprehensive Tractor Recovery Scheme, the NIRSAL Climate-Smart Modular Geo-Cooperative-Based Irrigation System for Smallholder Farmers and other Agricultural Value Chain-related challenges requiring efficient homegrown scientific and engineering solutions for proof of concept projects and scale-up.”

NIRSAL believes the move would attract finance and investment into fixed agricultural value chains.

Advertisement

NASENI will crowd-in stakeholders from all value chains segments to create agricultural value chains-wide commercially viable platforms anchored on Public-Private Partnerships, according to NIRSAL.

With the rising need for equipments, the lender said its engagement with NASENI would recover and reinvigorate idle agricultural equipment for enhanced mechanization of agricultural value chains in Nigeria.

NASENI is also expected to provide solutions in the area of solar modules production which creates a critical backbone in the provision of off-grid energy to power modular irrigation and agro-processing clusters that are domiciled within NIRSAL Agro Geo-Cooperative clusters.

Speaking at the launch of the event Aliyu Abdulhameed, NIRSAL Plc’s Managing Director/CEO was optimistic that the partnership would fix challenges faced in the Agric businesses.

“The partnership will go a long way in maximizing the agricultural potentials of the country, thereby contributing to the achievement of food security, inclusive economic growth, diversification, and employment generation,” Abdulhameed added.

Advertisement

The MD stated that NIRSAL would extend its Credit Risk Guarantee cover to finance invested into the scheme.

He said the CRG would also support the scheme through project monitoring, reporting and remediation services; provide technical assistance, capacity building and advisory services and create, provide and facilitate capital market opportunities.

Leave a comment

Advertisement