While pointing out that 80% of farmers still struggle to obtain credit, Central Bank Governor Olayemi Cardoso has said that credit availability is essential to the agriculture value chain’s efficiency. In order to enhance lending to the agricultural sector, Cardoso made the revelation on Tuesday in Abuja during the opening of the recently established Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF). Speaking at the ceremony in Abuja, CBN Governor Olayemi stated that the revitalized plan will play a major role in expanding affordable lending to farmers, boosting food security, and promoting broader economic growth, marking a new dawn for agricultural financing in the nation. He pointed out that although while agriculture employs about two-thirds of Nigeria’s workforce and accounts for more than one-fifth of the country’s GDP, it still receives less than five percent of all bank credit.
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