Beneficiaries under the Agricultural Credit Guarantee Fund (ACGSF) of the Central Bank of Nigeria (CBN) have called for an increase in the amount of money which stipulated in the guarantee scheme to enable them meet up with increasing demand of their agricultural products in view of the rising cost of inputs.
This is even as a total of 31,666 loans valued at N5.92 billion were guaranteed under the ACGSF in 2021.
Making the appeal in Logos at the 2021 ACGSF Best Farmers of the Year Award ceremony the awardees thanked the CBN for the financial support, but lamented that inflation has led to astronomical increase in the cost of farm inputs.
They said the situation has led to the closures of many farms, adding that the few like them, that remained should be given more support.
Speaking at the event held in Lagos on June 21, 2022, the Branch Controller, Central Bank of Nigeria (CBN) Lagos Branch Mr. Koyor Naribokola said the Agricultural Credit Guarantee Fund established in 19772 has been consistently facilitating access to finance to farmers in the country.
He added that the awards are not only a reflection of CBN’s commitment to agricultural development but also is in line with the bank’s core values as an organization.
Represented by the acting branch controller of CBN Lagos, Mr. Ukanyirioha Nnaemeka, Naribokola stated that the bank deemed it fit to reward participants who have shown exceptional promise and dedication to growing Nigeria’s agricultural sector despite the numerous challenges faced.
He explained that the previous year was particularly difficult with businesses trying to recover from the aftereffects of a global pandemic. “This further underscored the importance of a nation’s ability to feed itself. It is evidence that our commitment in rebuilding our agricultural might as a nation is crucial not only for our subsistence but also our economic relevance on a global scale.
“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,” Naribokola said.
According to him, Nigeria is indeed on its way to solidifying its place as the food basket of Africa and indeed the world.
During the award, LAPO Microfinance Bank won the Best participating Financial Institution of the year under the ACGSF.
The overall best farmer of the year 2022 went to Mr. Ogunimo Tolulope with a cash price of N100,000. He was also the first runner up in 2021.
The second best farmer of the year was awarded to Mr Chima Eze Elijah while the third position went to Mrs. Njoku Joy Nwakego a snail farmer in Badagry Lagos.
Also speaking, the Permanent Secretary, Lagos State Ministry of Agriculture, Olatokunbo Emokpae said that the Lagos state government has maintained a good partnership with the CBN, especially in promoting initiatives of the development finance department.
Emokpae who was represented by an assistant director in the ministry Mr. Olusina Shobande observed that Lagos State is limited by land in terms of agriculture, the state is doing a lot to bridge the gap between what is produced and the total consumption.
At the moment, the state is producing about 20 percent of its local consumption needs. As such the collaboration with the CBN is important to fast track it agricultural roadmap.
The highpoint of the ceremony was the presentation of a Plague, a certificate and cash of N100, 000 to the winner while the 1st and 2nd runners up were presented with a certificate and cash of N75, 000.00 and N50, 000.00 respectively.
