The NIRSAL $8.98m grant loan would boost rice production by Kebbi state farmers. This revolving loan facility is estimated to over 3 billion Naira.
The Nigeria Incentive based Risk Sharing System for Agricultural Lending (NIRSAL) has disbursed the sum N3.3 billion ($8.98 million) revolving loan facility to 31,808 rice farmers in Kebbi to boost rice production in the state.
According to John Kpetum, the Head, Monitoring and Reporting Department of the programme, the loan is part of the Central Bank of Nigeria (CBN)’s Anchor Borrowers Scheme (ABS) for wet-rice farmers. He explained that each farmer would have access to a N105, 000 loan package. The loan comes with 9% interest and is expected to be repaid within six months after harvesting their farm produce.
Each farmer is expected to cultivate seven and a half plots of land (0.5 hectares) and purchase seedlings, fertilizer, spraying insecticide and herbicides from the loan.
Kpetum noted that the programme would also cover the production of maize, soya beans, groundnut, onions, cassava, and sorghum.