The All Farmers Association of Nigeria (AFAN) has described the inauguration of the new Agricultural Credit Guarantee Scheme Fund (ACGSF) Board as a defining moment for agricultural financing in Nigeria.
AFAN said the move by the Central Bank of Nigeria (CBN) comes at a critical time when farmers are grappling with climate change impacts, rising production costs, insecurity, and limited access to affordable credit. The association noted that the ACGSF’s mandate to guarantee up to 75 per cent of agricultural loans remains vital to encouraging banks to lend more to the sector.
AFAN National President, Muhammed Magaji Gettado, welcomed the inclusion of a farmers’ representative on the Board, describing it as a positive step toward ensuring policies reflect realities at the grassroots.
The association also pledged to support the scheme through technology-driven farmer identification, farm mapping, and data verification to improve transparency and access.
AFAN expressed confidence that the new Board would strengthen agricultural financing, boost food security, and promote sustainable growth in the sector. Visit www.jocomms.com for more news.