Nigeria Incentive-Based Risk Sharing System for Agriculture (NIRSAL) says it has inaugurated the Project Monitoring Reporting and Remediation Office (PMRO) to support 225,000 farmers registered under the CBN’s Anchor Borrowers Programme (ABP) nationwide.
The Managing Director/CEO of NIRSAL, Mr. Aliyu Abdulhameed in a statement on Wednesday said the PMRO office will be set up in each state and the Federal Capital Territory.
“The PMROs are designed to support NIRSAL’s core mandate of making agriculture more attractive for private sector investment by de-risking the agricultural value chain. Among other functions, they will provide rigorous monitoring and supervision of NIRSAL-facilitated agriculture projects to improve successful outcomes” he said.
He said NIRSAL, the implementation partner of the Anchor Borrowers’ Programme, had conceived the idea in a bid to support an initial number of about 225,000 farmers, comprising of a minimum of 5,000 farmers in each of the 36 states and the Federal Capital Territory under the ABP.
Abdulhameed said the offices would help NIRSAL reach more farmers at the grassroots, and help capture the impact of NIRSAL’s interventions on communities, individual farmers and other players along the agricultural value chain.
“The PMRO structure is very critical to our operations. Agriculture is a field business. They would act as our eyes to ensure that agricultural projects that we facilitate finance for, are executed in line with agreed terms and also serve to extend the reach of our interventions. The positive impact made is the justification for our existence so it’s critical to constantly measure and review the impact of our interventions,” the NIRSAL MD said.
The PMROs, he said would initiate new projects, supervise existing ones and enlist community support for NIRSAL projects, adding that the PMROs, which also serve as business development units would ensure there were sufficient NIRSAL-funded projects in each state.
The National Coordinating Consultant overseeing the PMRO structure, Dr. Steven Ogidan gave a summary of the goals behind the initiative.
“The closeness of the PMROs to project sites and the embedding of project monitoring services within the project sites of any project that is more than N500 million ensures effective monitoring and reduces the risk of loan diversion,” he said.