Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has inaugurated the new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF), reaffirming the apex bank’s commitment to strengthening Nigeria’s agricultural sector through improved access to finance and risk-sharing mechanisms.
Speaking at the inauguration ceremony, Cardoso described the ACGSF as a critical intervention that has played a stabilising role in agricultural financing since its establishment in 1977. He noted that the Scheme was designed to de-risk lending to the sector, encourage financial institutions to extend credit to farmers, and ultimately drive food security and rural economic development.
The CBN Governor stressed the need for the new Board to adopt a more innovative, inclusive and technology-driven approach in delivering on the Scheme’s mandate. He urged the Board to focus on expanding access to credit for smallholder farmers, particularly women and youth, while leveraging digital tools to improve efficiency, transparency and accountability in loan administration.
Cardoso highlighted the Scheme’s strong performance over the years, citing repayment rates ranging between 90 and 98 per cent as evidence of its effectiveness and sustainability. He said these outcomes underscore the importance of strengthening monitoring frameworks, improving collaboration with participating financial institutions and ensuring that guarantees translate into increased agricultural productivity.
According to him, the newly inaugurated Board is expected to enhance stakeholder engagement across the agricultural value chain, deploy real-time tracking systems and deepen partnerships with development agencies to ensure that guaranteed credits have a measurable impact on rural livelihoods and national food systems.
The new ACGSF Board is chaired by Dr. Olusegun Oshin, with members including 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 diverse composition of the Board reflects expertise across finance, agriculture, engineering and policy.
The inauguration ceremony was attended by Deputy Governors of the Central Bank of Nigeria, departmental directors and other senior staff of the Bank, underscoring the importance the apex bank attaches to the ACGSF as a key instrument for driving inclusive growth and agricultural transformation in Nigeria.
