In a bid to boost Nigeria’s Cocoa export capacity, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) announced a 50% Credit Risk Guarantee (CRG) to ADT Russet Ltd on its working capital facility worth N1.15 billion.
This was disclosed on Sunday by Mr Aliyu Abdulhameed, NIRSAL’s Chief Executive Officer, during a tour of ADT Russet, a cocoa exporting company, according to this News Agency of Nigeria.
What NIRSAL is saying
“NIRSAL has provided similar support to another cocoa processing and exporting company in the South-West region, this time in Akure, Ondo state.
We are happy to yet again demonstrate our willingness and capability to support agro-allied companies across the country.
Our support will help to grow their businesses, engage small-holder farmers and earn foreign exchange for the Nigerian economy,” Aliyu Abdulhameed said.
He added that the support to ADT Russet’s operations would create a stronger market for cocoa export stakeholders and farmers who supplied their inventory, as NIRSAL will keep monitoring the project efficiently with the aim of boosting ADT Russet’s export volume to 4,000 metric tonnes per annum.