By Muhammad Mamman
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reaffirmed the need for agriculture to attain its “rightful place” within the country’s financial architecture, stressing that the sector remains critical to sustainable economic growth, food security and job creation.
Speaking during a high-level policy dialogue in Abuja on Wednesday, Cardoso noted that Nigeria’s agricultural sector continues to face structural bottlenecks that hinder productivity, despite its vast potential and significant contribution to national employment. He said the financial system must be re-engineered to provide stronger support for farmers, agri-businesses and value-chain players.
According to the CBN Governor, improving access to credit for smallholder farmers, strengthening risk-mitigation frameworks, and incentivising private investment in modern farming techniques are essential to reposition the sector. He stressed that the apex bank would prioritise market-driven policies that encourage efficiency, reduce waste and enhance competitiveness.
Cardoso also highlighted the importance of collaboration between commercial banks, development finance institutions, state governments and private sector actors to unlock the full value of Nigeria’s agricultural landscape.
He maintained that agriculture must not only be seen as a subsistence activity but as a viable and profitable business capable of transforming rural communities and contributing meaningfully to national prosperity.
The CBN boss assured stakeholders that ongoing reforms in the financial sector would create a more stable environment for long-term investments, including those in agriculture, adding that the success of the country’s broader economic agenda depends heavily on strengthening food production and supply chains.
