The Central Bank of Nigeria has inaugurated a new Board for the Agricultural Credit Guarantee Scheme Fund (ACGSF), signalling a renewed push to improve financing for small farmers and rural enterprises. Governor Olayemi Cardoso, speaking at the ceremony in Abuja, said the move marks a major step toward modernising agricultural lending and closing long-standing gaps that limit farmer productivity.
He noted that agriculture contributes more than one-fifth of Nigeria’s GDP and employs the majority of the labour force, yet receives less than five per cent of total bank credit. Cardoso stressed that the ACGSF, established to reduce lending risks for banks, must evolve to support today’s value chains, agritech solutions and modern production systems.
The governor highlighted the scheme’s expanded capacity following its 2019 amendment, which raised its share capital to ₦50 billion. The new seven-member board includes a representative of Nigerian farmers to ensure policies reflect real sector needs.
He called for financial products tailored to women and young farmers, who remain largely excluded from credit and digital tools. Cardoso urged greater collaboration with microfinance institutions, cooperatives and fintechs to reach underserved communities.
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The board is expected to deploy improved monitoring tools such as digital dashboards, data platforms and satellite imagery to strengthen accountability and track loan performance. Cardoso said a stronger ACGSF will help farmers invest in inputs, irrigation, mechanisation and post-harvest systems, boosting output and supporting Nigeria’s wider goals in food security and economic diversification.
He pledged full CBN backing for the board, noting that effective leadership is essential to delivering inclusive growth for small farmers and rural MSMEs.
