[Nigeria] NIRSAL to launch $300m agribusiness loan project for young farmers
Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL), an arm of the Central bank of Nigeria (CBN) has announced plans to launch a $300 million agribusiness loan project for young farmers across the country.
According to the Executive Director of NIRSAL, Babajide Arowosafe, the project known as ‘Youth Enable’ is to be financed by the African Development Bank (AfDB) and would begin within the next few weeks with the aim of creating a successive farmers generation to replace the ageing ones.
“NIRSAL is going to come up in full force on the initiative but what we look forward to, is to have youths within some certain age bracket of 18 and 35 years. We need youths that are secondary and university graduates that are willing to go into green business, fresh food business, agri-commodities where Nigeria has comparative advantage. NIRSAL is bringing on board its risk sharing facility, its technical assistance, cutting-edge technology to make sure that we monitor activities of those youths using technology,’’ he said.
He added that the project which would be implemented in partnership with the Federal Ministry of Agriculture and Rural Development, would boost economic diversification, create business opportunities and employable skills for young men and women in aquaculture, crops farming, marketing and processing among others.