In a significant agribusiness financing move, NIRSAL Plc and Polaris Bank provided a N1 billion loan for Globetrot Farmsponsor Limited, an integrated poultry farm in Oyigbo Local Government Area of Rivers State.
NIRSAL provided a 50% guarantee on the N1 billion credit facility to increase Globetrot’s operations across the farm’s hatchery, breeder, broiler, feed mill, and processing components.
The support to the integrated poultry farm is expected to provide farmers and consumers of poultry products in the region with better deals in terms of poultry inputs, day-old chicks, and organic manure, among other things.
This tripartite relationship between NISRAL Plc, Polaris Bank, and Globetrot Farmsponsor Ltd. was borne out of NISRAL Plc’s engagements to woo Deposit Money Banks, Finance Houses, MDAs of governments, among others, into the agriculture/agribusiness space.
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The executives from NIRSAL and Polaris Bank paid a visit to the Globetrot Integrated Farm at Obeakpu in Oyigbo Local Government Area of Rivers State and were given a tour of the farm by its Business Development and Finance Manager, Mr. Charles Adigwe.
While giving his remarks, the Managing Director of NISRAL Plc, Mr Abbas Masanawa stated that Polaris Bank had 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,” the MD of NISRAL Plc added.
Furthermore, Masanawa expressed satisfaction with the passion and professionalism of the integrated poultry farm, noting that it indicated a confidence booster that the farm would utilise the facility well and pay up when due.
In his remarks, the Managing Director of Globetrot Farmsponsor, represented by Mr. Charles Adigwe expressed appreciation to NIRSAL and Polaris Bank for the loan.
Also, the Branch Manager of Polaris Bank, Garrison Branch, Mr Ejike Aroh, celebrated the tripartite relationship, noting that the move showed Polaris Bank’s commitment to agribusiness financing, not just for its profitability and empowering Nigerians in the rural parts of the country.