FG guarantees N130.903bn Agric loans in 45 years

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The Federal Government of Nigeria has revealed that it has guaranteed 1,232,326 loans valued at N130.903 billion under the Agricultural Credit Guarantee Scheme Fund (ACGSF) from its inception in 1977 to May 2022, this year. 

 

The scheme has a loan recovery rate of about 85 per cent with 973,646 beneficiaries out of 1,232,326 repaying over N98 billion.

 

The Board Chairman of ACGSF, Mr. Stephen Okon, made the disclosure recently at the second ACGSF National Farmers’ Award. 

 

The ACGSF Board Chairman disclosed that in 2021, 31,591 farmers obtained loans worth N5.79 billion under the scheme. In that year, 106 farmers whose due diligence and hard work earned them the enviable title of ‘Farmers of the Year’ were selected. 

 

According to him, “Among them were 20 women, who despite their gender, stood out. Their success story is a testament to the enduring power of courage and forthrightness. Considering these farmers’ exceptional performance, they were nominated by the various banks and finally screened and approved by the State Selection Committee as the 2021 ACGSF Best Farmers of the Year.”

 

Also speaking, the Branch Controller of CBN, Abuja, Mr. Ogbu Onyeka Michael emphasised that the Best Farmer Award ceremony was an expression of the CBN management’s commitment to supporting hard work, innovation, and productivity in the agricultural value chain.