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By Abdulwahab Isa, March 22, 2018
NIRSL2The Development Bank of Nigeria Plc (DBN) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), a subsidiary of Central Bank of Nigeria ( CBN), have signed a memorandum of understanding( MoU) to facilitate lending to agricultural sub-sector of the economy.
Signed yesterday at Abuja Headquarters NIRSAL, the Managing Director of DBN, Mr. Tony Okpanachi described the partnership between the agencies as a strategic collaboration that will impact positively on agriculture and all value chain players adding it will address concerns of financial institutions on the high risk of lending to the sector.
Okpanachi noted that: “the Micro Small and Medium Scale Enterprises (MSMEs) if well managed have the potential to achieve key macro-economic objectives of the federal government which include, but not limited to job creation, poverty alleviation, financial inclusion and development of technology”.
The DBN boss said the core mandate of Development Bank of Nigeria (DBN) is to alleviate financing constraints faced by the MSMEs and small corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market -conforming and sustainable basis.
In his remarks, Managing Director of NIRSAL, Aliyu Abdulhameed explained that: ‘’NIRSAL’s primary mandate is to facilitate the flow of credit, finance and investments into agriculture and agribusiness.
‘’NIRSAL believes strategic collaborations with major stakeholders in the industry is pivotal to achieving defined and well-tailored objectives and results. It is in line with this view, that the partnership with Development Bank of Nigeria (DBN) is structured. As Development Finance Institutions, NIRSAL and DBN share a common goal of supporting investments that will catalyse sustainable economic growth, create more jobs and equip farmers with the capital needed to thrive in the Agricultural sector’’.
Under the partnership, NIRSAL is expected to provide risk mitigating credit guarantees while DBN is expected to provide the funds for on lending to MSMEs in the agricultural sub-sector and its value chain.
DBN is a Federal Government Development Financial Institution established in collaboration with the World Bank, African Development Bank and other renowned International Development Finance Institutions to address the major financial constraints faced by MSMEs in Nigeria.
https://newtelegraphonline.com/2018/03/dbn-nirsal-partner-on-lending-to-agriculture/

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2nd Floor Bank of Industry Building 
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Mobile: +234 (803) 3174409...................sssss