During the inauguration the Agricultural Credit Guarantee Scheme Fund (ACGSF) held on December 9, 2025. The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Wednesday drew attention to a major challenge confronting rural women in farming, noting that almost 90% of them lack internet access a constraint that prevents them from benefiting from the growing range of digital financial tools crucial for agricultural funding.
Speaking to the newly constituted Board, he stressed that although agriculture provides livelihoods for close to two-thirds of Nigerians and contributes more than one-fifth of the country’s GDP, the sector remains largely neglected by mainstream lenders, receiving under 5% of total bank credit.
“This shortage of funding has a profound impact on small-scale farmers, who represent 80% of Nigeria’s farming population and are responsible for roughly 90% of the food consumed in the country,” he stated.
He urged the ACGSF to adopt fresh, practical approaches that directly tackle these financing obstacles especially for women and young people living in remote communities. Because internet access is extremely limited among rural women, who play a central role in agricultural production, he said the Scheme must work with microfinance institutions, cooperative groups, and fintech innovators to develop loan options and financial delivery systems suited to their realities.
These measures include group-based loan structures and mobile money solutions that can help bypass issues tied to collateral and distance. Cardoso insisted that expanding financial inclusion should be at the forefront of the ACGSF Board’s agenda, with the goal of turning the Scheme into a proactive engine that widens access to affordable credit for farmers.
He highlighted the importance of deploying digital tools such as mobile banking services and agent networks to reach those who are frequently left out, ensuring that committed farmers are not denied support because they lack internet connectivity or a formal credit trail.
The Governor also pressed for strict supervision and continuous tracking of loan disbursement and results, using technologies like satellite monitoring and digital reporting systems to strengthen openness and responsibility.
In closing, he reaffirmed the CBN’s dedication to backing the Board as it works to reshape Nigeria’s agricultural landscape, improve productivity, uplift farmers’ earnings, and safeguard the nation’s food supply.