Connect with us

Business

Agriculture must get ‘rightful place’ in financial system – CBN

Published

on

The Central Bank of Nigeria (CBN) hopes to lift agricultural lending above the current level of less than five per cent of banks’ credit, with Governor Olayemi Cardoso declaring that agriculture must receive its “rightful place in our financial system and national priorities.”

Cardoso spoke in Abuja on Tuesday at the inauguration of the newly constituted Board of the Agricultural Credit Guarantee Scheme Fund.

He told the audience that the event marked “a defining moment — a bold statement of intent that signals a new dawn for agricultural financing in Nigeria.”

He said agriculture remained the backbone of the economy, contributing more than one-fifth of GDP and employing most Nigerians, yet “it receives only a small fraction of formal credit — less than 5 per cent of banks’ lending goes to the agricultural sector.

According to him, this chronic underfunding has stifled productivity and expansion for millions of farmers.

“It is a reassessment of norms: we will no longer accept business-as-usual,” he said. “Instead, we embrace a future where agriculture is accorded its rightful place.”

Cardoso said the fund, which guarantees up to 75 per cent of the value of agricultural loans, had helped banks lend to farmers for decades, including those considered “unbankable.”

He noted that the scheme had been strengthened following a 2019 amendment that expanded its share capital from N3bn to N50bn and broadened its mandate.

He said the reform was designed to deepen inclusivity, adding that the revised Act now provides for a board composed not only of government officials but also of farmers’ representatives.

“Such inclusivity is strategic: it enshrines partnership between policymakers, financiers, and the farming community in guiding the Scheme’s activities,” he said.

Cardoso described the sector as standing at the “crossroads of unprecedented opportunity” under the Federal Government’s Renewed Hope agenda.

He said the vision was to build a resilient, technologically advanced and inclusive agricultural economy that “ensures food security, reduces poverty, and creates wealth for millions of Nigerians.”

According to him, smallholder farmers constitute 80 per cent of Nigeria’s farmers and produce about 90 per cent of food, yet they continue to face high barriers to credit.

“Many lack collateral or credit history — a situation we can no longer afford, given that these same smallholders feed our nation and drive our rural economy,” he said.

See also  Customer sues bank over alleged unlawful account freeze

He urged the new board to focus on strategic priorities that could unlock value quickly.

He called for deeper financial inclusion to reach women and young farmers, noting that rural women were key actors in agriculture but often had less access to credit and technology.

“Studies indicate nearly 60 per cent of rural women do not use mobile internet, limiting their access to emerging digital services,” he said.

He asked the board to collaborate with microfinance banks, cooperatives, and fintech firms, and to use group lending, mobile money, and agent banking to ensure that “a lack of collateral or a remote location is no longer an insurmountable barrier to financing.”

Cardoso also tasked the board with establishing stronger oversight, monitoring, and evaluation systems using technology and data.

He said modern tools, including satellite imagery and digital dashboards, should be deployed to track loan performance, crop progress and emerging risks.

“Every naira guaranteed must deliver real value on the farm and in the marketplace,” he said.

The governor warned that the task ahead may appear daunting, given the size and complexity of agricultural value chains.

But he insisted that success depended on “innovation, integrity, and unyielding dedication.”

“With today’s inauguration, we have filled a void and renewed our commitment to a prosperous, food‑secure Nigeria,” he said. “Let us cultivate a future where every farmer can easily access the financing they need, every field yields its full potential, and every Nigerian can enjoy affordable, plentiful food on their table.”

Cardoso congratulated the newly inaugurated board and assured them of the central bank’s support.

Also speaking, the chairman of the newly inaugurated board, Dr Olusegun Oshin, said the scheme must focus on the grassroots, where the majority of farmers struggle without credit or storage facilities.

He told the gathering that “those that feed us are those weak, poor farmers very far away in the villages and who don’t have access to credit,” adding that even when they manage to raise funds, “they don’t even store it properly because they don’t have the capacity for storage.”

Oshin said the board would ensure the fund was impactful at the level of peasant farmers and smallholders.

“This fund… will be focused on ensuring that it is impactful at the grassroots level, at that level where Nigeria is faced, the level of the peasant farmers,” he said.

See also  US-Iran war: Marketers, Dangote trade words over petrol price

He also welcomed the inclusion of agribusiness and allied sectors, noting that technology and accountability would be central to implementation.

Oshin noted that proper reporting must show that money given to clusters of farmers produced measurable results.

He added that detailed monitoring and evaluation would strengthen the case for more resources, while stressing that reaching more farmers efficiently would improve food supply nationwide.

Oshin thanked the apex bank for the opportunity and assured that board members would uphold ethical standards.

The PUNCH earlier reported that the agricultural sector contributed N30.5tn, in nominal terms, to the Gross Domestic Product in the third quarter of 2025.

Crop production drove the agro-sector’s growth, which stakeholders attributed to improved investor confidence.

The figure from the National Bureau of Statistics represents one of the sector’s strongest quarterly showings in recent years, with crop production alone accounting for N20.13tn or 65.99 per cent.

The sector also posted a real GDP growth rate of 3.79 per cent year-on-year, surpassing its Q3 2024 performance of 2.55 per cent by 1.24 percentage points, and outperforming its 2.82 per cent growth in Q2 2025 by 0.97 points amid poor access to bank credit.New Nigeria People’s Party, Femi Aina, has been re-elected for another term of four years.

Aina, according to a statement on Tuesday, was elected alongside other executives during the state party’s congress held at the party’s secretariat at Adatan, Abeokuta, the capital of the state.

Prof Tajudeen Gambo, Chairman of the Organising Committee of the state congress, alongside the Secretary of the committee, Abdullahi Dogonnama, as well as Alhaji Ibrahim Sai Kure, and Alhaji Hamza Masu, who are members of the committee, supervised the congress.

The congress was also monitored by INEC officials and security agents.

Aina, in his acceptance speech, said that his re-election marked a new dispensation for the state chapter of the party to begin massive mobilisation ahead of the 2027 elections.

The party chairman pledged to foster unity, bringing everyone on board irrespective of tribes, tongues and religion, with the sole aim of strengthening the party membership in the state.

Aina said, “This is no doubt a new dispensation for Ogun NNPP. We are going to ensure equal representation of various groups within the party. We are going to kick off massive mobilisation ahead of 2027 because everyone is important to our resolve to chase APC out in 2027.

See also  Airlines in pricing limbo amid 180% Jet A1 price surge

“We will reach out to the Kwa Kwa Siya group, we will reach out to women, and we will make sure that women decide issues affecting women. It will be a new leadership with renewed dedication and vigour to serve and deliver Nigerians from the incompetent government of the APC.”

He thanked the delegates for the confidence reposed in him and other executive members promising to provide a leadership that will further help deepen democratic ideals of fairness, justice and good governance.

Other executive members include  Alhaja Sakirat Arowolo, the Deputy Chairman, Rasaq Segun Sofowora as Secretary, as well as Mrs Yetunde Akindele, Women Leader, among others.

Speaking earlier, Gambo commended the resilience of  NNPP members in the state despite challenges, urging the newly elected and sworn-in executives to be determined to push NNPP stronger come 2027.

He disclosed that the intention of the party to take over the leadership of Nigeria across all levels comes 2027, lamenting that the present APC administration is not mass-oriented

Gambo said, “Our strong intention is to take over Nigeria in 2027.  We are determined, and we are working very hard, because the present government is running the affairs of the country to address the needs of the masses.

“Whereas NNPP is for the masses, it is free education for everybody; everybody must be educated, so we are really confident that we are going to succeed in 2027 by the special grace of God. That’s our dream and vision, and we call on all Nigerians to team up with us on this rescue mission.”

Opposition parties have always faulted the APC-led government, accusing it of foisting hardship on Nigerians, particularly with the subsidy removal, as well as the rising wave of insecurity across the country.

They have always threatened massive mobilisation ahead of 2027, with the sole aim of getting the party out of power.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Oshiomhole seeks ban on MTN, DSTV, read why

Published

on

The senator representing Edo North, Adams Oshiomhole, on Tuesday called for the revocation of licences of South African companies operating in Nigeria, including MTN and MultiChoice, owners of DSTV, following renewed xenophobic attacks against Nigerians in South Africa.

The call came as the National Assembly condemned the latest wave of attacks, urging the Federal Government to take immediate diplomatic and protective measures to safeguard Nigerian citizens abroad.

Speaking during plenary, Oshiomhole said Nigeria must respond firmly, invoking the principle of reciprocity in international relations.

He said, “I don’t want this Senate to be shedding tears, to sympathise with those who have died. We didn’t come here to share tears.

“If you hit me, I’ll hit you. I think it is appropriate in diplomacy. It’s an economic struggle.”

The former Edo State governor proposed that Nigeria should nationalise MTN and withdraw its operating licence, arguing that the company repatriates significant revenue while Nigerians face hostility in South Africa.

“This Senate should adopt a position that MTN, a South African company that is cutting away millions of dollars from Nigeria every day, should have Nigeria nationalise it and withdraw its licence,” he said.

According to him, such action would not only serve as a deterrent but also create opportunities for indigenous firms, amid what he described as economic and social targeting of Nigerians abroad.

He extended the call to MultiChoice, urging the Federal Government to revoke DSTV’s licence over alleged exploitative practices.

“I call on the Federal Government to revoke DSTV, which is also a South African company that is cutting away millions of dollars,” he said.

See also  FG plans 500 CNG stations to cut petrol use

Oshiomhole linked the recurring tensions to domestic political dynamics in South Africa, noting that anti-immigrant rhetoric had become a feature of its politics and was shaping public attitudes toward foreign nationals, including Nigerians.

“When we hit back, the president of South Africa will go on his knees to recognise that Nigerians cannot be intimidated,” he said.

The senator made the remarks while contributing to a motion sponsored by Osita Izunaso, which was read on the floor by Aniekan Bassey under Senate rules on matters of urgent public importance.

Titled “A call for urgent national diplomatic and humanitarian action to defend the dignity, safety and honour of Nigerian citizens,” the motion highlighted growing concerns over the safety of Nigerians in South Africa.

Also speaking, Senator Victor Umeh described the situation as alarming, warning that Nigerians were living in fear.

“It is worrisome. They are hiding for their lives. They can’t move freely. This is a situation where people are paying good with evil,” he said, referencing Nigeria’s historical support for the anti-apartheid struggle.

Umeh called on the African Union to intervene and impose sanctions, warning that Nigeria could no longer tolerate attacks on its citizens.

“The AU, of which South Africa is a member, should rise now and impose necessary sanctions,” he said, adding that “we cannot allow this to continue.”

Oshiomhole, however, doubled down on calls for economic retaliation, arguing that Nigeria must move beyond rhetoric.

“I don’t want this Senate to be shedding tears to sympathise with those who have died. We didn’t come here to shed tears. I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

See also  States demand forensic audit of $8.8bn crude-for-loan deals

He further argued that Nigerians should take advantage of opportunities in the local economy, currently dominated by foreign firms.

Senator Abdul Ningi warned South Africans over recent attacks on Nigerians, threatening that the country would take the fight to their territory.

“If a crime has been committed under the South African law, they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that.

“If these things continue, we have alternatives, we have options, and therefore, these words should be sent across South Africa. We know where South Africans are, not only in Nigeria but all over Africa, and we can take this fight to their territory,” he said.

Speaking, the Senate President, Godswill Akpabio, decried the attack, adding that the National Assembly would send a joint team to meet with the South-African parliament on the matter.

“This is just not acceptable, this is barbaric, this is cruel, this is unheard of, this is strange behaviour, and we’re not seeing action from the government of South Africa. These are aspects that annoy me,” Akpabio said.

The development underscores mounting pressure on the Federal Government to adopt a tougher stance, as recurring xenophobic violence in South Africa continues to strain diplomatic relations and provoke calls for both economic countermeasures and stronger protections for Nigerians abroad.

Continue Reading

Business

Naira gains, trades 1,365/$ at official FX market

Published

on

…NFEM rate — N1,365.2474/$

…Naira strengthens by at least N9

…Black market (Buying and selling rates) — N1,390 — N1,400

The Nigerian naira strengthened against the United States (US) dollar, trading at N1,365.2474 at the Central Bank of Nigeria (CBN) official foreign exchange window on Monday, 4th May, 2026.

According to the data shared on the official platform of the Central Bank of Nigeria (CBN), the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,365.2474 per dollar and closed at N1,367.5000 per dollar.

Tribune Online reports that the Nigerian currency traded at an NFEM rate of N1,374.9431 on 30th April 2026, which was the previous trading date. Comparing this with the trading rate on Monday, the naira strengthened by at least N9.

At the parallel market, the naira-to-dollar buying rate decreased by N3, while the selling rate increased by N2, compared with the previous trading rate on 30th April, 2026.

According to Aboki FX, the Naira-to-dollar exchange rate at the black market on Monday, 4th May, 2026, was N1,390 for the buying rate and N1,400 per dollar for the selling rate.

See also  Nigeria, UAE Ports Group Sign Landmark MoU On Maritime Development
Continue Reading

Business

Experts promote rabbit value chain investment

Published

on

Experts in animal production have identified rabbit farming as a viable avenue for economic growth, job creation, and improved nutrition in Nigeria.

The experts made this known during a public lecture held at the Bauchi State College of Agriculture on Friday as part of activities marking Rabbit Appetite Day.

Speaking at the event, a registered animal scientist and lecturer at the Federal Polytechnic Damaturu, Sani Muazu, said there was a need to promote both the consumption and commercial production of rabbits across the country.

He described rabbit production as a largely untapped but promising sector capable of contributing significantly to Nigeria’s economy.

“Rabbit farming in Nigeria is still underdeveloped, with only about three to five per cent of the population engaged in the enterprise, mostly at small-scale family levels where farmers keep an average of two to seven breeding females. Despite this, the sector offers vast opportunities for expansion and commercialisation,” he said.

Muazu noted that rabbits are highly productive animals, with a gestation period of about 30 days and the capacity to produce up to 20 or more offspring annually.

He added that their low feeding and housing requirements make them suitable for students, smallholder farmers, and urban residents seeking alternative sources of income.

According to him, rabbit production extends beyond farming to other economic activities such as breeding, feed supply, veterinary services, processing, and marketing.

He also highlighted the nutritional value of rabbit meat, describing it as rich in protein, low in fat, and suitable for addressing protein deficiency in the country.

See also  US-Iran war: Marketers, Dangote trade words over petrol price

On environmental sustainability, Muazu said rabbits require less land and water and emit fewer greenhouse gases compared to larger livestock, making them suitable for climate-smart agriculture, particularly in semi-arid regions.

However, he identified low public awareness and high mortality rates among young rabbits as major challenges hindering the sector’s growth.

He urged students and youths to take advantage of opportunities in rabbit farming by starting small-scale ventures that could grow into profitable agribusinesses, while calling on government and private sector players to invest in the development of the rabbit value chain.

In his remarks, the Provost of the Bauchi State College of Agriculture, Dr Ahmed Isah, described the event as timely and impactful, noting that it would encourage students to embrace self-employment through agriculture.

“Such initiatives are critical in addressing unemployment. Graduates can become employers of labour through ventures like rabbit farming,” he said.

He also encouraged members of the public to engage in rabbit production, describing it as a profitable and easy-to-start enterprise with the potential to improve livelihoods and boost the nation’s economy.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending