Beneficiaries of the Central Bank of Nigeria (CBN)’s Agricultural Credit Guarantee Scheme Fund (ACGSF), are asking for more after a total of N5.92 billion disbursement last year.
The beneficiaries, who are mostly farmers on Tuesday commended the CBN for the scheme which they said has helped their businesses but pleaded with the apex bank to increase the fund or provide them with grants to further expand their production as the rising inflation is impacting their business.
“I would like to thank the CBN for this initiative. It is a worthwhile initiative. It inspires one to run a race and in the end, he will be compensated for having done so. It helps us to have access to finance. It is a huge one. I can use this opportunity to say that the CBN can help us improve the access we have because inflation affects the amount that is being guaranteed. We really appreciate it if the funds that are guaranteed can be tweaked and probably increased,” Tolulope Ogunnimo said after receiving the best farmer award from the CBN under the ACGSF on Tuesday.
The Agricultural Credit Guarantee Fund – ACGSF was established in 1977 and has since then been consistently facilitating access to finance to farmers in the country.
“1 am pleased to inform you that in 2021, a total of 31,666 loans valued at N5.92 billion were guaranteed under the scheme. As is customary, today the bank deemed it fit to reward participants who have shown exceptional promise and dedication to growing our agricultural sector despite the numerous challenges faced,” Godfrey Bariboloka Koyor, CBN Branch Controller, Lagos said.
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Represented by Nnaemeka Ukanyirioha, at the ACGSF best farmers award ceremony in Lagos, he said, “as the Bank through the Development Finance Department continues to design and implement measures to improve food security by facilitating access to finance to the agricultural sector, we are confident that farmers will continue to grow and scale their businesses over time.”
The farmers who received the award include Ogunnimo who took the first position to become the best farmer in 2021, the second position went to Chima Eze Elijah and the third position was Njoku Joy Nwakaego.
Ogunnimo received an award plaque, certificate and N100,000 cash, Elijah received a certificate and N75,000 while Nwakaego smiled home with N50,000 and a certificate.
Also, LAPO Microfinance emerged as the best participating Microfinance Bank (MFB) and an award plaque was given to the representative.
Speaking at the event, Olatokunbo Emokpae, permanent secretary, ministry of Agriculture, said the CBN, particularly, the development finance department has been in partnership with Lagos State government for as long as can be remembered.
Represented by Olishina Shobande, she said, “while the State is struggling to ensure that it closes the gap between local production and consumption in Lagos State, it is virtually impossible for us to produce everything that we eat in Lagos State.”
Speaking with BusinessDay immediately after the award ceremony, Nwakaego said, “I have benefited from the fund for a long time, specifically, over this year. It has helped me tremendously in my farming business. So far I have gotten over N1 million from the fund. It has been so helpful in the development of my farm.”
