CBN: 80% of Nigerian Farmers Struggle to Access Loans, Inaugurates New Board to Boost Agricultural Credit

The Central Bank of Nigeria (CBN) revealed that 80% of farmers in Nigeria face challenges accessing loans, hindering agricultural development. Governor Olayemi Cardoso inaugurated a new board for the Agriculture Credit Guarantee Scheme Fund (ACGSF) in Abuja to address this issue and improve lending in the agricultural sector.

The initiative aims to close the credit gap for farmers, support food security, and stimulate economic growth. The move signifies a renewed focus on agriculture as a core priority within the country's financial system.

Chairman of the board, Dr. Olusegun Oshin, emphasized the importance of technology and grassroots involvement in transforming agricultural financing.