The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has inaugurated a new Board for the Agricultural Credit Guarantee Scheme Fund (ACGSF), marking a renewed push to expand credit access for farmers and boost agricultural productivity.
Cardoso described the inauguration as a “new dawn” for agricultural financing, noting that despite agriculture’s major role in the economy, the sector receives less than 5% of total bank credit. He said the new Board will play a key role in reversing this trend.
The ACGSF established in 1977 and recapitalised from ₦3 billion to ₦50 billion in 2019 guarantees loans to farmers to encourage banks and financial institutions to lend more to the sector.
The reconstituted Board, chaired by Dr. Olusegun Oshin, includes representatives of farmer groups to ensure that policies reflect real sector needs. Cardoso tasked the Board with expanding financial inclusion for smallholder farmers, women and youth, and adopting technology-driven monitoring tools to improve transparency and loan performance.
The move aligns with the government’s broader agenda to enhance food security, support rural livelihoods and drive economic diversification. Visit www.jocomms.com for more news.
