The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called on the newly inaugurated Board of the Agricultural Credit Guarantee Scheme Fund to ensure that Nigerian farmers can access credit without being hindered by lack of collateral or location.
Speaking at the Board inauguration in Abuja, Cardoso emphasized that the 48-year-old Scheme is a vital institution that must adapt to meet the financing needs of modern agriculture. Agriculture contributes significantly to Nigeria’s GDP and employs nearly two-thirds of the workforce, yet receives less than 5 percent of formal bank credit.
Cardoso urged the Board to utilize data and technology, including satellite imagery and digital dashboards, to monitor loan impacts and ensure transparency and accountability. He also stressed the need to deepen financial inclusion, particularly for women and youth, and to partner with fintechs, microfinance banks, and cooperatives to design accessible credit products.
The CBN Governor praised the 2019 amendment that expanded the Fund’s share capital from N3 billion to N50 billion and welcomed the inclusion of a farmers’ representative on the Board. He called on the Board to reposition the Scheme as a dynamic institution that supports modern value chains, mechanization, processing, storage, and agribusiness development, aligning with the Federal Government’s Renewed Hope agenda.
ACGSF Board Chairman, Dr. Olusegun Oshin, pledged full commitment to the Scheme’s mandate, emphasizing the importance of monitoring funds to ensure they reach farmers and deliver measurable outputs. Cardoso assured the Board of full CBN support, urging them to approach their mandate with innovation, integrity, and determination to drive agricultural prosperity and national economic development.
