The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL has launched an agricultural machine repair and management scheme for sub-national governments.
This is in partnership with the National Agency for Science and Engineering Infrastructure, NASENI as well as the Machine and Consortium Africa, MECA.
Nigeria’s public and private sectors have over the years invested in tractor and equipment to aid mechanization in the agricultural sector.
But these machinery soon become bad for want of proper maintenance plans. An occurrence that has impacted negatively on agricultural productivity in Nigeria.
The Nigeria Incentive-based Risk Sharing System for Agricultural Lending, NIRSAL, in line with its responsibility of derisking agriculture has now put in place an agriculture equipment repair and management scheme to fix this ugly trend.
The idea is to refurbish damaged and unused tractors across the country, support professional repair centres for effective maintenance and build local technical capacity.
NIRSAL will provide credit risk guarantees, while the National Agency for Science and Engineering Infrastructure, NASENI as well as the Machine and Consortium Africa, MECA will be responsible for equipment refurbishment and management.
It is common knowledge that the number of tractors used on Nigerian farmlands are grossly inadequate. NIRSAL is now positive its intervention will turn the tide so Nigeria’s food problems could be tackled.
The agricultural equipment repair and maintenance scheme is presently open to states and local governments alone.
The private sector will participate after their risk acceptance criteria has been determined. The project is expected to create thirty thousand direct and five hundred thousand indirect jobs.