Nigerian cocoa bean sourcing and exporting company, ADT Russet Ltd., has received a working-capital facility of 1.15 billion naira ($2.8 million) to raise its cocoa exports to 4,000 metric tons by the end of the year, it said Monday.
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, or NIRSAL Plc, has provided ADT Russet with a 50% credit-risk guarantee on the working capital.
NIRSAL is an agency set up by the Central Bank of Nigeria to stimulate finance and investment in the country’s agricultural sector.
Basil Eteri, a director at Arma Dei Trading Ltd., a Lagos-based commodity merchant firm and the parent company of ADT Russet said its exports are currently at 1,650 tons of cocoa and it plans to achieve 4,000 tons before the end of the year.
