NIRSAL, Polaris Bank inject N1bn into Rivers poultry farm
NIRSAL, Polaris Bank inject N1bn into Rivers poultry farm
In a move to bolster agricultural and agribusiness financing, NIRSAL Microfinance Bank Plc and Polaris Bank have joined forces to provide N1bn working capital facility to Globetrot Farmsponsor Limited, an integrated poultry farm in Rivers State.
NIRSAL, entrusted with sharing agribusiness-related credit risks with commercial lenders, played a pivotal role by offering a 50 per cent guarantee on the facility.
According to the MFB, the facility aims to enhance operations across Globetrot’s hatchery, breeder, broiler, feed mill, and processing components.
In a statement, NIRSAL disclosed that its executives and Polaris Bank recently visited Globetrot Integrated Farm on a facility tour.
During the visit, the Managing Director/CEO of NIRSAL Plc, Mr Abbas Masanawa, commended Polaris Bank for its foresight in financing Globetrot under NIRSAL’s de-risked financing model.
He expressed confidence in the economic opportunities and returns available in Nigeria’s agricultural landscape, emphasising the significance of responsible loan utilisation and prompt repayment.
In his welcome address, the Managing Director of Globetrot Farmsponsor Limited, who was represented by the firm’s Business Development and Finance Manager, Mr Charles Adigwe, extended gratitude to NIRSAL and Polaris Bank for not only for providing the credit facility but also for acknowledging the farm’s value offerings through a personal visit.
Mr. Ejike Aroh, Branch Manager of Polaris Bank, Garrison Branch, reiterated the bank’s commitment to agribusiness financing, emphasising its role in empowering rural Nigerians and their communities.
