The Nigerian Incentive Based Risk Sharing for Agricultural Lending (NIRSAL) said it has been hailed for its central role in enabling a significant increase in lending to agriculture by the financial sector within the last four years.
NIRSAL said it earned the commendation at the recently concluded 2016 African Green Revolution Forum (AGRF) in Nairobi Kenya where Nigeria was cited Nigeria as a country that has successfully developed a National Risk Sharing Facility for banks to lend to agriculture.
Specifically, it was stated that through NIRSAL, Nigeria witnessed a 600 per cent increase in lending by banks to the agriculture sector, rising from 0.7 per cent of total bank lending to five per cent within the last four years.
The development has led to many banks establishing their own specialised agricultural lending desks, according to a statement. NIRSAL Managing Director, Mr. Aliyu Abdulhameed delivered a keynote speech at the event which was attended by agric and development experts across Africa.