NIRSAL boosts Cocoa Company with N1.15bn export facility
In order to help Nigeria to benefit from the over $67 billion global cocoa market, 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 per cent Credit Risk Guarantee (CRG) on a working capital facility of N1.15 billion.
Beside the absorption of a substantial part of its risk exposure in the event of loan delinquency, NIRSAL is also providing efficient monitoring of the project, which is aimed at boosting ADT Russet’s export volume to 4,000mt per annum.
By supporting ADT Russet’s operations, NIRSAL Plc is also indirectly creating a stronger market for the many cocoa farmers who supply their inventory.
A Special Purpose Vehicle (SPV) that was set up in December 2019 by Arma Dei Trading Limited, ADT Russet Ltd.
It has leveraged NIRSAL Plc’s support to ship over 1,600mt of commodities to international markets, surpassing the numbers of its parent company, which has been in existence for far longer.
Speaking during a tour of ADT Russet Ltd’s factory in Apapa, NIRSAL Plc’s Managing Di rec tor /CEO, Mr . Aliyu Abdulhameed, stated that NIRSAL has provided similar support to another cocoa processing and exporting company in Akure, Ondo State.
