In the sector of agriculture, Morocco and Nigeria have a strong partnership based on trade and training programs.
Credit Agricole du Maroc (CAM) has renewed a collaboration agreement agreed in 2016 with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) to develop innovative agricultural financing solutions.
On Monday, May 23, Credit Agricole hosted a team from NIRSAL to extend their cooperation agreement and strengthen their collaboration through a new arrangement.
Credit Agricole and NIRSAL have been working on a roadmap to deploy their relationship in areas of mutual interest since signing the initial agreement in 2016.
The new memorandum of agreement, which was signed today, builds on the accomplishments of the two partners over the last six years, including investments to help Nigeria develop sustainable agriculture.
The new agreement also emphasizes encouraging agricultural financing innovation as well as boosting financial inclusion in the country.
“According to Credit Agricole du Maroc, “the additional components of the cooperation between CAM and NIRSAL represent a clear commitment to its strategic role in financial inclusion for African agriculture.”
The Central Bank of Nigeria owns NIRSAL, and its mission is to “stimulate the flow of cheap finance and investments into the agricultural sector through de-risking the agriculture & agribusiness finance value chain.”
The organization also aims to incentivize agricultural investment and institutionalize such benefits.
In recent years, Morocco and Nigeria have improved their agricultural collaboration.
For Morocco’s OCP Group, Nigeria is one of the most important markets. Apart from being a major importer of fertilizers and other phosphate-derived products, Nigeria is one of the nations where OCP Africa conducts activities to finance and train farmers.
Nigeria recently sent 200 of its young farmers to Morocco and Israel for formal training, citing Morocco’s leadership in the sector as one of the grounds for the North African country’s selection.