The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has disclosed plans to establish a $300m agribusiness loan project for youth farmers across the country.
NIRSAL Executive Director, Babajide Arowosafe, who made this known in Ibadan, informed that the project known as “Youth Enable’, would enhance economic diversification while creating business opportunities and employable skills for young men and women across varying value chains.
He said, “we need youths that are secondary and university graduates who are willing to go into green business, fresh food business, agri-commodities where Nigeria has comparative advantage”.
Highlighting some of the value chains that youth farmers can explore, he noted that the project will drive youths into looking for opportunities within the agricultural value chain and develop business models that will be sustainable over the years.
The executive director also affirmed that the organisation would support the farmers with its risk sharing facilities and supervise farmers using technology.
“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.
Assuring youth farmers of low interest rates, he said the project would be implemented in collaboration with the Federal Ministry of Agriculture and Rural Development (FMARD), and would be funded by the African Development Bank (AFDB).
NIRSAL is a subsidiary of the Central Bank of Nigeria designed to enable the flow of affordable financing to all players in the agricultural value chains.
The project is expected to commence within the next few weeks