A remarkable agribusiness financing initiative unfolded as NIRSAL Plc and Polaris Bank jointly extended a N1 billion loan to Globetrot Farmsponsor Limited, an integrated poultry farm located in Oyigbo Local Government Area of Rivers State.
NIRSAL provided a significant 50% guarantee on the N1 billion credit facility, aimed at expanding Globetrot’s operations across various segments including hatchery, breeder, broiler, feed mill, and processing components. This strategic support is anticipated to enhance poultry production and benefit local farmers and consumers by ensuring better availability of poultry inputs, day-old chicks, and organic manure in the region.
This collaborative financing arrangement reflects NIRSAL Plc’s efforts to engage Deposit Money Banks, Finance Houses, and governmental agencies to actively participate in the agriculture and agribusiness sector.
During a visit to the Globetrot Integrated Farm in Oyigbo, Mr. Charles Adigwe, the Business Development and Finance Manager, provided executives from NIRSAL and Polaris Bank with a comprehensive tour of the farm.
Mr. Abbas Masanawa, the Managing Director of NIRSAL Plc, commended Polaris Bank for their foresight in financing Globetrot under NIRSAL’s de-risked financing model. He stated, “The bank is set to maximize the economic opportunities and returns available in Nigeria’s agricultural landscape.” Masanawa expressed confidence in Globetrot’s professionalism and dedication, believing the farm would efficiently utilize the facility and repay as scheduled.
He said, “Polaris Bank has demonstrated foresight by financing Globetrot under NIRSAL’s de-risked financing model. The bank is set to maximize the economic opportunities and returns available in Nigeria’s agricultural landscape.”
In response, Mr. Charles Adigwe, representing the Managing Director of Globetrot Farmsponsor, expressed gratitude to NIRSAL and Polaris Bank for their support. He acknowledged the significance of the loan in driving the farm’s expansion and productivity.
“We express our appreciation to NIRSAL and Polaris Bank for this loan. This support will significantly enhance our operations and enable us to further contribute to the growth of the agricultural sector in Nigeria,” he said.
Mr. Ejike Aroh, the Branch Manager of Polaris Bank, Garrison Branch, highlighted the bank’s commitment to agribusiness financing, emphasizing its intent to contribute to rural empowerment and profitability.
He said, “This tripartite relationship showcases Polaris Bank’s commitment to supporting agribusiness financing. We are confident that this partnership will contribute to empowering Nigerians in rural communities and stimulate economic growth.”
This partnership underscores the concerted efforts by financial institutions like NIRSAL and Polaris Bank to boost agricultural ventures, ensuring economic growth and empowerment in rural areas.
