The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has inaugurated a new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF), reinforcing the apex bank’s commitment to deepening access to finance and boosting productivity in Nigeria’s agricultural sector.
The development was disclosed in a statement released on X (formerly Twitter) by the CBN on Wednesday.
According to the Bank, the reconstitution of the Board is aimed at strengthening collaboration among stakeholders and enhancing the effectiveness of agricultural credit delivery.
Cardoso highlights ACGSF’s strategic role
Speaking at the inauguration, Cardoso underscored the Scheme’s longstanding contribution to agricultural development, noting its role in de-risking agricultural lending since 1977.
He called for a “more innovative, inclusive and technology-driven approach to support farmers, especially women and youth,” as the country seeks to modernise its agricultural value chains.
The statement noted that “with repayment rates of 90–98%, the Scheme continues to show strong impact,” highlighting the resilience and effectiveness of the ACGSF over the decades.
New board to drive innovation and monitoring
The newly inaugurated Board is chaired by Dr. Olusegun Oshin and is expected to strengthen collaboration, improve monitoring mechanisms, and introduce real-time tracking systems to enhance productivity and rural livelihoods.
Members of the Board 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.
Deputy Governors of the CBN, departmental directors, and other senior officials of the Bank were present at the inauguration ceremony.
Renewed push for agricultural reforms
The development comes days after President Bola Tinubu constituted the Boards of the Bank of Agriculture (BOA) and the National Agricultural Development Fund (NADF) as part of broader efforts to reposition Nigeria’s agricultural sector for higher output and sustainability.
According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu confirmed the appointment of Muhammad Babangida as Chairman and Ayo Sotinrin as Managing Director of the Bank of Agriculture.
The BOA Executive Directors include Fatima Garba (Sokoto), Ka’amuna Ibrahim Khadi (Borno), and Hakeem Oluwatosin Salami (Kwara), while the Non-Executive Directors are Aminu Malami Mohammed (North East), Charles Amuchienwa (South East), Oladejo Odunuga (South West), Rabiu Idris Funtua (North West), and Kochi Donald Iorgyer (North Central).
For the NADF, President Tinubu appointed Muhammad Abu Ibrahim as Executive Secretary and Chief Executive Officer, and Mallam Bello Maccido as Chairman.
Other Board members include Dr. Nelson Henry Essien (Akwa Ibom), Amina Ahmed Habib (Jigawa), Akinyinka Olufela Akinnola (Ondo), Hassan Tanimu Musa Usman (Borno), Lufer Samson Orkar (Benue), and Felix Achibiri (Imo).
What you should know
Driven by strong agricultural and industrial growth, Nigeria’s GDP rose by 3.98% in Q3 2025.
- According to the National Bureau of Statistics (NBS), agriculture grew by 3.79%, an improvement from the 2.55% recorded in the corresponding quarter of 2024.
- The sector grew by 3.18% in nominal terms in Q3 2025, although this was 14.87 percentage points lower than Q3 2024. Compared to the previous quarter, growth improved by 1.34 percentage points.
- Crop production remained dominant, accounting for 65.99% of the sector’s total nominal value.
