Lagos state alone consumes about 8000 cattle and small ruminants valued at N1.6 billion daily.
It is projected that, when fully realized, NIRSAL’s efforts to create a structured market for the livestock business in the country, through a bankable standard business model, has the potential to increase the overall value of Nigeria’s livestock market to about N2 trillion.
Bello Abdullahi Abba, Coordinator Research and Strategy of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), made this disclosure in a press released he issued and signed Thursday in continuation of the recently launched project to transport cattle by rail from the north to the south which was facilitated by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), at the second cattle train of fifteen wagons that left Nguru, Yobe state for Oko-Oba, Lagos yesterday.
Speaking on the development, the Managing Director of NIRSAL, Mr. Aliyu Abbati Abdulhameed said the initiative is a practical demonstration of NIRSAL’s mandate to provide guarantees so that banks can be encouraged to finance impactful projects along the Agric value chain.
“I am really excited at the progress that we are making on this project which is designed to maximize the current value of the North-South livestock trade, estimated at N950 billion to about N1.8Trn per annum. NIRSAL will execute this project, first, by fixing, end-end, the entire trade livestock value chain through upgrading the performance of its 3 components comprising Breeding, Trading and Logistics then guaranteeing the flow of affordable commercial finance to identified actors and enterprises within the “fixed” value chain.