ABUJA, Dec. 9, 2025 (Naija247news) – The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, on Tuesday inaugurated the newly appointed Board of Directors of the Agricultural Credit Guarantee Scheme Fund (ACGSF), reaffirming the apex bank’s commitment to reviving Nigeria’s agricultural sector through strategic leadership, innovation and stronger stakeholder collaboration.
Speaking at the inaugural session held at the GCC Meeting Room of the CBN Head Office in Abuja, Cardoso recalled that the ACGSF, established under Decree No. 20 of 1977, has for decades played a critical role in de-risking agricultural lending by guaranteeing up to 75 per cent of loans extended by financial institutions to farmers and agribusinesses.
The CBN Governor said Nigeria’s agricultural landscape has evolved significantly, presenting both new challenges and opportunities that require the Scheme to move beyond its traditional mandate. According to him, modern agriculture is shaped by complex value chains, advanced technologies, climate and security risks, and a wide range of actors—from smallholder cooperatives to agritech firms—necessitating a more dynamic and forward-looking ACGSF.
Cardoso also emphasised inclusivity, noting that amendments to the ACGSF Act now provide for a Board made up of government representatives alongside farmers and other key stakeholders. He said this structure is designed to strengthen collaboration between policymakers, financiers and the farming community, while urging the Board to prioritise financial inclusion, especially for women and youth in underserved rural areas.
Earlier, the Acting Director of the CBN’s Development Finance Department, Dr. Paul Oluikpe, disclosed that farmers benefiting from ACGSF-backed loans have consistently recorded repayment rates of between 90 and 98 per cent. He described the performance as exceptional by industry standards, attributing it to beneficiaries’ discipline, partnerships with credible lenders and incentives such as interest rebates that encourage prompt repayment.
In his response, the newly appointed Chairman of the ACGSF Board, Dr. Olusegun Oshin, pledged that the Fund would deepen its impact at the grassroots, where most smallholder farmers operate. He assured the CBN Governor that enhanced monitoring and evaluation—supported by technology and real-time tracking—would provide measurable insights into the Scheme’s contribution to increased agricultural output, improved farmer incomes and enhanced rural security.
The newly inaugurated Board members include Prof. Murtala Sabo Sagagi, Dr. Nneka Onyeali-Ikpe, Engr. Frank Satumari Kudla, Ms. Olusola Sowemimo, Ms. Adetoun Abbi-Olaniyan and Mr. Wondi Philip Ndanusa.
Emma Tochi ✔
Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
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