By Mustafa Abubakar
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has reaffirmed its commitment to collaborate with the University of Ilorin towards converting its agricultural assets into profitable ventures that will boost the institution’s internally generated revenue and reduce reliance on government.
This assurance was given penultimate Friday (July 18, 2025) when a delegation from NIRSAL visited the Vice Chancellor, Prof. Wahab Egbewole, SAN, in his office.
Speaking on the purpose of the visit, the NIRSAL team leader, Engf. Baba Robert, explained that their goal is to unlock the full value of the University’s farmlands and other assets through modern structures that meet international standards, not limited to local marketing alone.
“The essence of our visit is to engage the Vice Chancellor and his team in order to continue the collaborative effort between the University of Ilorin and NIRSAL. Specifically, we want to identify projects that we can co-develop, finance, and manage so that these assets become profitable ventures”, he said.
Engr. Robert emphasised that every project must have a clear modern structure supported by verified guarantees to ensure seamless access to funding.
He further clarified that beneficiaries will never be asked to provide funds upfront, as the NIRSAL model guarantees structured support. “Never ever should anybody be asked to look for money by themselves. There is always a support and guarantee company that will help you access the fund, not collect money from you. You repay the financiers, and we provide monitoring services, that is our own return. This is a national policy and we stand by it”, he said.
Highlighting the benefit for students, the NIRSAL Team Leader said, “For every Project with NIRSAL, inclusivity is key because sustainability cannot exist without succession. Students will learn practically in the field on how to develop projects, manage them, and navigate the real market. No hope is lost. We also have special programmes to ensure that students and local communities benefit meaningfully.”
He urged the University to embrace the opportunity to utilise its resources through credible public-private- partnerships, noting that institutions that have adopted such models to run profitable businesses are performing better and earning more than those that rely solely on government subvention.
In his remarks, the Vice Chancellor, Prof. Wahab Egbewole, SAN, welcomed the renewed partnership and assured the delegation that the University remains committed to initiatives that will strengthen its internally generated revenue.
He described the refinancing of the existing N600 million high interest facility as a priority for the University and confirmed that management is prepared to work with reputable partners or any supportive alternative.
Prof. Egbewole reaffirmed the determination of the University to harness all available opportunities to strengthen its financial base, implement sustainable projects, and maintain its position as a leading institution that prioritises innovative partnerships for growth and development.
