The Central Bank of Nigeria Governor, Olayemi Cardoso, has inaugurated the new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF).
The apex bank made this known in a statement on Wednesday, December 10.
Cardoso said the inauguration of the ACGSF board reaffirms the apex bank’s commitment to strengthening Nigeria’s agricultural sector.
He highlighted the Scheme’s vital role in de-risking agricultural lending since 1977 and called for a more innovative, inclusive, and technology-driven approach to support farmers, especially women and youth.
“With repayment rates of 90–98%, the Scheme continues to show a strong impact. The new Board, led by Dr Olusegun Oshin, is set to enhance collaboration, monitoring and real-time tracking to boost productivity and rural livelihoods,” Cardoso stated.
The newly inaugurated ACGSF board has Olusegun Oshin as Chairman.
Other members of the board include Murtala Sabo Sagagi, Nneka Onyeali-Ikpe, Frank Satumari Kudla, Olusola Sowemimo, Adetoun Abbi-Olaniyan and Wondi Philip Ndanusa.
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“Present at the inauguration were Deputy Governors of the Bank, Departmental Directors and other staff,” CBN added.
Pinnacle Daily reports that the apex bank has had a bad experience with the Anchor Borrowers Programme (ABP), which was later fraught with many challenges.
The major issues the programme faced included widespread loan defaults, said to be up to 76 per cent unpaid, according to the International Monetary Fund (IMF).
Other challenges were corruption, poor implementation, and farmer challenges, including limited capacity, insecurity, climate impacts (floods, droughts), and elite capture, hindering its goal of boosting food security by linking farmers to processors.
There were also the issues of inflated input costs, lack of extension services, and misinformation about loans being gifts, leading to low repayment and programme sustainability issues.
On Tuesday, December 9, the CBN governor, however, unveiled a new agriculture financing scheme, committing to transforming agricultural financing and repositioning the sector as a cornerstone of Nigeria’s economic revival.
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While Cardoso had earlier said CBN would not go into intervention financing, he noted that the new route signalled “a new dawn for agricultural lending” and a decisive break from business-as-usual approaches that have left millions of farmers underserved despite their central role in food production and rural livelihoods.
He noted that the ACGSF, which was established in 1977 to de-risk agricultural lending by guaranteeing up to 75 per cent of the value of loans to the sector, had supported countless farmers over the years.
He said the scheme is now meant to adapt to a more complex agricultural landscape shaped by extended value chains, climate vulnerabilities and emerging technologies.
He urged the board to strengthen monitoring and evaluation, saying modern tools such as satellite imagery, digital dashboards and real-time analytics should be used to track loan utilisation and productivity outcomes.
“Every naira guaranteed must deliver real value on the farm and in the marketplace. Robust oversight will ensure transparency, identify emerging risks and support better decision-making,” Cardoso said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
