The Central Bank of Nigeria (CBN) is taking steps to strengthen agricultural credit guarantees, improve farmers’ access to affordable financing and attract greater private-sector investment into the sector.
CBN Governor Olayemi Cardoso, represented by the Deputy Governor, Financial System Stability, Lamido Yuguda, disclosed this at a two-day stakeholder roundtable in Abuja.
Cardoso called for stronger partnerships among stakeholders, improved risk-sharing mechanisms and market-driven financing solutions to promote sustainable agricultural development.
He said strengthening credit guarantees would help reduce lending risks and encourage more private-sector capital into agriculture, while improving farmers’ access to affordable credit.
A major highlight of the roundtable was the unveiling of the Agricultural Credit Guarantee Scheme Fund (ACGSF) Online Portal, designed to simplify access to agricultural credit and enhance the efficiency of the scheme.
The portal is expected to improve the administration of agricultural credit guarantees and make it easier for eligible farmers and other stakeholders to access financing.
The engagement ended with stakeholders reaffirming their commitment to expanding agricultural financing, strengthening food security and promoting inclusive economic growth.
