The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has chided banks in the country, blaming them for frustrating the successful disbursement of the N450 billion intervention fund of the Nigeria Incentive Based Risk-Sharing System for Agricultural Lending, NIRSAL, programme. The programme is being promoted by the Central Bank of Nigeria, CBN.
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Speaking at the inaugural meeting of the Nigeria Agribusiness Group, Adesina said that research carried out by the Ministry and stakeholders revealed that NIRSAL was yet to function properly and discharge its duty due to the high interest rate pegged on it by banks appointed to disburse the funds to farmers.
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According to him, the high interest rate has continued to defeat the purpose of the establishment of the fund, which includes serving as credit risk guarantee and interest drawback fund programme to stimulate agricultural financing and trigger the nation's agricultural. industrialisation process.