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Cocoa: NIRSAL boosts N1.15bn export facility in Lagos

It is expected that the intervention will boost the Lagos firm’s export volume to 4,000 metric tonne (MT) every year.

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has provided ADT Russet Limited, a cocoa bean sourcing and exporting company in Lagos state with 50 percent Credit Risk Guarantee (CRG) on a working capital facility of N1.15 billion.

NIRSAL said the move is to help Nigeria benefit from the over $67 billion global cocoa market.

Speaking during a tour of the factory in Apapa, NIRSAL Managing Director/CEO, Mr Aliyu Abdulhameed, said NIRSAL had provided similar support to another cocoa firm in Akure, Ondo state.

“We are happy to yet again demonstrate our willingness and capability to support agro-allied companies across the country to grow their businesses, engage smallholder farmers, and earn foreign exchange for the Nigerian economy.”

It is expected that the intervention will boost the Lagos firm’s export volume to 4,000 metric tonne (MT) every year.

Managing Director of the company, Mr Charles Eteri, said his foray into agro exports have been successful, and the potential for growth owing to the innovative support provided by NIRSAL.

Regional Head, Keystone Bank, Mr John Chukwu, said where there is a strong intention to support national priorities, like in Keystone Bank, de-risked and structured agribusiness projects become an even more compelling business proposition.