The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged the newly inaugurated Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF) to ensure that lack of collateral or remote location no longer prevents Nigerian farmers from accessing credit.

Speaking in Abuja during the Board inauguration, Cardoso described the 48-year-old ACGSF as a critical institution that must evolve to meet the financing needs of modern agriculture. He noted that agriculture contributes over one-fifth of Nigeria’s GDP and employs nearly two-thirds of the workforce, yet receives less than 5 percent of formal bank credit.

He emphasized that every hardworking farmer with a viable project should find the Fund an enabling partner, and urged the Board to monitor loan impacts using data and technology, including satellite imagery and digital dashboards, to ensure transparency, accountability, and tangible outcomes.

Cardoso highlighted the need to deepen financial inclusion for women and youth and to leverage partnerships with fintechs, microfinance banks, and cooperatives to design accessible credit products. He 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, forward-thinking institution that supports modern value chains, mechanization, processing, storage, and agribusiness development, aligning with the Federal Government’s Renewed Hope agenda for a resilient and technologically advanced agricultural sector.

Responding, ACGSF Board Chairman Dr. Olusegun Oshin pledged full commitment, stressing the importance of monitoring funds to ensure they reach farmers and deliver measurable outputs. He added that rigorous tracking would strengthen the case for expanding the Fund and reaching more smallholder farmers, who form 80 percent of Nigeria’s agricultural workforce.

Cardoso pledged full CBN support, urging the Board to approach its mandate with innovation, integrity, and determination to drive agricultural prosperity and national economic development.