The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) has appointed Mr. Babajide Arowosafe as its new Managing Director and Chief Executive Officer. This announcement coincides with the inauguration of a newly reconstituted Board of Directors, held during the 21st Board Meeting in Abuja.
According to a statement from Jude Anadozie, Head of Corporate Communications at NIRSAL, the new Board will be chaired by Mr. Muhammad Sani Abdullahi, Deputy Governor of Economic Policy at the Central Bank of Nigeria (CBN). Other members of the Board include Mallam Ado Wanka, Dr. Daphne Dafinone, Mr. Hamidu Sa’ad, Dr. Bankole Allibay, and Hon. Shehu Balarabe, all of whom will serve as Non-Executive Directors.
Nnadozie emphasised the Board’s mission to steer NIRSAL back to its foundational mandate of de-risking agricultural lending. This focus is critical to improving access to finance for farmers and agribusinesses across the country.
Mr. Babajide Arowosafe brings a wealth of experience to his new role, having served in various capacities across international and national development finance institutions. His background includes roles with the International Finance Corporation (IFC), the World Bank, the United Nations Development Programme (UNDP), the Ekiti State Government, and Southwest Agric Company (SWAgCo).
The reconstitution of NIRSAL’s leadership is expected to reinforce the organisation’s efforts in promoting agricultural investment through risk-sharing mechanisms, ultimately contributing to Nigeria’s economic growth and food security.