Central Bank of Nigeria Governor Mr Godwin Emefiele (left) and Managing Director/CEO of Heritage Bank, Ifie Sekibo at a function
Nigeria’s Heritage Bank in collaboration with the Central Bank of Nigeria (CBN), under the Nigerian Incentive-Based Risk Sharing in Agricultural Lending (NIRSAL) has stepped up efforts to boost the agriculture base of the country. The idea is to make farming profitable to stakeholders and attractive to the jobless teaming youths in the country.
The partnership, which aims at driving improved investment outcomes and job creation, will see the bank provide on-lending funding to farmers in the 2020 farming season to grow various products that will serve as raw materials to the processors and ensure market linkages and access as well as reduce importation.
Recall that the CBN had earlier approved the disbursement of about N75billion as loan to farmers in the 36 states and the Federal Capital Territory (FCT), Abuja under the Nigerian Incentive-Based Risk Sharing in Agricultural Lending (NIRSAL). The loan guarantee scheme is a public-private sector initiative set up to transform the country’s agricultural sector.
It was initiated by the CBN, the Bankers’ Committee and the Federal Ministry of Agriculture and Rural Development, to guarantee 75 per cent loans provided by Deposit Money Banks (DPB) to farmers as part of efforts to transform the country’s agricultural sector.
MD/CEO, Heritage Bank, Ifie Sekibo, who elaborated on the scheme stated that, “Under the CBN’s Anchor Borrowers Programme (ABP) and the NIRSAL, Heritage Bank is positioned to provide on-lending funding to aggregated farmers in the 2020 farming season to grow various products that will serve as raw materials to the processors, thereby ensuring market linkages and access to the market as well as reduce importation and conserve Nigeria’s external reserves.”
He said Heritage Bank is also supporting the drive for cash crop commodities that would boost Nigeria’s foreign exchange earnings, which the government has always been cautious given the dangers the continuous reliance on imported food items pose to its efforts to create jobs as well as develop and diversify the economy.
Heritage Bank earned the Nigeria’s Most Innovative Banking Service Provider in 2017 and 2018, which were bestowed with the inaugural Nigeria Sustainable Banking Award convened by the CBN for what it tagged “For Sustainable Transaction of The Year in Agriculture.”
The Nigeria Agriculture Awards (NAA), at its annual event convened by AgroNigeria (The Voice of Nigeria’s Agriculture), to appreciate immense efforts of those who have contributed to the success of the agriculture sector in the country, announced Heritage Bank as the Agric. Bank of the Year. Heritage Bank was selected in recognition of its footprints in the Agric. space, especially the Triton Aquaculture Project.
Also, Heritage Bank Plc which has been adjudged the lead settlement bank for Gezawa Commodity Market (GCMX), has collaborated with key stakeholders to revolutionize the agricultural value-chain. The collaboration was aimed at providing fully integrated ecosystem for commodity Exchange.
