NIRSAL, Polaris Bank Partner to Fund N1 Billion Poultry Farm
By Patience Ikpeme
In a move to boost agricultural development and expand the value chain, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and Polaris Bank have jointly provided a N1 billion working capital facility to Globetrot Farmsponsor Limited, an integrated poultry farm in Oyigbo Local Government Area of Rivers State, South-South Nigeria.
This financing initiative, which involves sharing of agribusiness-related credit risks with commercial lenders, highlights NIRSAL’s commitment to de-risking agricultural investments and facilitating access to finance for agribusinesses. Through its guarantee cover, NIRSAL has provided a 50% guarantee on the facility, enabling Globetrot to expand its operations across its hatchery, breeder, broiler, feed mill, and processing components.
The support extended to Globetrot Limited is expected to have a positive impact on both farmers and consumers of poultry products in Oyigbo, Port Harcourt, and surrounding areas. Suppliers of inputs, buyers of day-old chicks and organic manure, and offtakers of poultry will all benefit from the farm’s enhanced capacity.
Representatives from NIRSAL and Polaris Bank recently visited Globetrot Integrated Farm at Obeakpu in Oyigbo Local Government Area of Rivers State and were given a tour of the facility by its Business Development and Finance Manager, Mr. Charles Adigwe.
Speaking during the visit, Mr. Abbas Umar Masanawa, Managing Director/CEO of NIRSAL Plc, commended Polaris Bank for its foresight in financing Globetrot under NIRSAL’s de-risked financing model. He further emphasized the bank’s commitment to maximizing the economic opportunities and returns available in Nigeria’s agricultural landscape.
Masanawa expressed confidence in the ability of Globetrot Farmsponsor Limited to utilize the loan effectively and ensure prompt repayment, citing the company’s management’s passion and professionalism.
Earlier, in his welcome address, Mr. Charles Adigwe, representing the Managing Director of Globetrot Farmsponsor Limited, Mr. Akpa Innocent Nnanyereugu, expressed gratitude to NIRSAL and Polaris Bank for not only providing the credit facility but also for recognizing the farm’s value offerings.
Mr. Ejike Aroh, Branch Manager of Polaris Bank, Garrison Branch, reiterated the bank’s commitment to agribusiness financing, acknowledging its contribution to both profitability and the empowerment of rural Nigerians and their communities.
The collaboration between NIRSAL Plc, Globetrot Farmsponsor Ltd., and Polaris Bank exemplifies the growing success of NIRSAL’s high-level engagements with financial institutions and government agencies. NIRSAL’s ongoing efforts to foster partnerships are driving the development of the agriculture sector through increased access to finance and innovative financing solutions.
Building on the federal government’s unwavering commitment to food security, NIRSAL plans to extend its outreach to state governments, proposing mutually beneficial partnerships for the design and implementation of viable agricultural development programmes. These initiatives aim to promote job creation, food security, and economic growth across the country.
