In a strategic move to strengthen Nigeria’s agricultural sector, Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, has inaugurated the new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF). The initiative underscores the Bank’s commitment to enhancing financial inclusion and supporting farmers—particularly women and youth—through innovative and technology-driven agricultural financing.
Governor Cardoso highlighted the Scheme’s vital role in de-risking agricultural lending since its inception in 1977, noting repayment rates of 90–98%, which reflect its sustained impact on Nigeria’s farming communities. He urged the new Board to adopt innovative, inclusive, and tech-enabled strategies to expand access to credit, boost productivity, and improve rural livelihoods.
The newly inaugurated Board, chaired by Dr. Olusegun Oshin, includes Prof. Murtala Sabo Sagagi, Dr. Nneka Onyeali-Ikpe, Engr. Frank Satumari Kudla, Ms. Olusola Sowemimo, Ms. Adetoun Abbi-Olaniyan, and Mr. Wondi Philip Ndanusa. The Board is expected to enhance collaboration, real-time monitoring, and targeted interventions to increase the Scheme’s impact on agricultural productivity.
Experts have lauded the development. Celestine Ukpong, a renowned economist, emphasized that “Strengthening ACGSF governance and introducing technology-driven credit monitoring is key to expanding financial access for farmers. This move can significantly enhance productivity and attract private sector investments in agriculture.”
Peter Adebayo FCA, a financial sector expert, added that “A well-structured ACGSF Board will reduce credit risk for banks and encourage more lending to smallholder farmers. Effective implementation could transform the agricultural financing landscape, improve rural incomes, and contribute to national food security.”
The inauguration ceremony was attended by Deputy Governors of the Bank, departmental directors, and senior officials, reflecting a unified commitment to supporting Nigeria’s farmers and promoting sustainable agricultural growth.
With this renewed leadership, ACGSF is poised to deepen its impact on Nigeria’s agricultural economy, fostering financial inclusion, supporting smallholder farmers, and driving long-term economic growth.
CBN Governor Olayemi Cardoso inaugurates the new ACGSF Board, with experts highlighting its potential to boost agricultural lending, support farmers, and enhance financial inclusion in Nigeria.
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