The Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL), under the Central Bank of Nigeria (CBN) Anchor Borrowers Programme, has reiterated its commitment to ensuring timely payment of agricultural loans to farmers.
According to a statement by NIRSAL, farmers who complied with the stipulated conditions would receive their loans within five days of receipt of loan term sheets from the CBN.
It states that the CBN through the NIRSAL chapter of the Anchor Borrowers’ Programme is set to create over 250,000 direct jobs for farmers and over one million indirect jobs.
“This is in line with NIRSAL’s policy stance to always expedite the funds access process of all applicants who have met conditions precedent to draw down.” the statement reads
The statement stresses that “NIRSAL observes the highest ethical and professional standards and restates that all funds from the CBN are disbursed directly into farmers’ accounts and farmers can access such funds once draw down conditions have been met.”
It further discloses that the organization had launched the Area Yield Index Insurance and Project Monitoring and Remediation Offices (PMROs) nationwide to provide farmers with insurance and work with farmers to ensure productivity.
NIRSAL therefore, expressed enthusiasm that speedy disbursement of loans would ensure timely repayment which is a major aspect of the organization’s directive.