The Central Bank of Nigeria (CBN) has tasked the board of the Agricultural Credit Guarantee Scheme Fund (ACGSF) with broadening access to financing for farmers, especially smallholders, women, and youth.

CBN Governor Olayemi Cardoso said “lack of collateral or remote location should no longer prevent farmers from accessing credit.” He noted that agriculture contributes over 20% of Nigeria’s GDP but receives less than 5% of formal bank lending.

The ACGSF, established in 1977, provides loan guarantees to encourage banks to lend to the sector. Cardoso urged the board to modernize the scheme to support value chains, mechanization, agritech, and storage, and to work with microfinance banks, cooperatives, and fintechs to reach rural farmers.

The initiative aims to remove barriers to finance, boost productivity, and ensure inclusive growth in Nigeria’s agricultural sector. Visit www.jocomms.com for more news.