The Central Bank of Nigeria (CBN) has unveiled an online portal to simplify farmers’ access to agricultural credit, strengthen credit guarantee operations and attract increased private-sector investment into the agricultural sector.
The initiative is part of efforts to improve access to affordable financing, strengthen agricultural productivity and support Nigeria’s food security drive.
Speaking at a two-day stakeholder roundtable in Abuja, the CBN Governor, Mr Olayemi Cardoso, represented by the Deputy Governor, Financial System Stability, Mr Lamido Yuguda, called for stronger partnerships, effective risk-sharing mechanisms and market-driven financing solutions to accelerate sustainable agricultural development.
Cardoso stressed the importance of collaboration among relevant stakeholders in addressing financing challenges confronting farmers and creating an enabling environment for increased investment in agriculture.
A major highlight of the engagement was the unveiling of the Agricultural Credit Guarantee Scheme Fund (ACGSF) Online Portal, designed to simplify the credit application process, improve accessibility and enhance the operational efficiency of the scheme.
The portal is also expected to strengthen the delivery of agricultural credit guarantees and improve the scheme’s capacity to support farmers and other players across the agricultural value chain.
At the end of the meeting, stakeholders reaffirmed their commitment to expanding agricultural financing, strengthening food security and promoting inclusive economic growth through improved access to credit and increased private-sector participation.
[IMPART NEWS NETWORK]
