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Nigeria · Section 6 of 9

Agricultural finance

Commercial bank loans to agriculture rose from NGN 128.4 billion in 2010 to NGN 3,608.1 billion at the end of 2025, and agriculture's share of sectoral bank credit from 1.67% to 6.30%. The Monetary Policy Rate rose from 11.5% in early 2022 to 27.50% in November 2024 and was reset at 23% in September 2026. The CBN recorded no new ABP or CACS disbursements in July 2024–June 2025, and in 2024 63.3% of adults had an account while 6.1% borrowed from a formal financial institution.

6.1

Size and trend of bank lending

Commercial banks' loans to agriculture grew from NGN 128.4 billion at the end of 2010 to NGN 1,049.7 billion at the end of 2020 and NGN 3,608.1 billion at the end of 2025, about US$2.51 billion12. Agriculture's share of sectoral credit rose from 1.67% in 2010 to 6.16% in 2022, fell to 4.82% in 2024 and reached 6.30% in 2025 (own calculations), and the CBN prints 4.8 per cent for December 202413. In June 2026 the stock was NGN 4,156.0 billion, 6.62% of credit (own calculation)4.

In dollars the stock was US$3.94 billion at the end of 2022, US$1.86 billion at the end of 2024 and US$2.51 billion at the end of 2025, a period in which the naira depreciated after the June 2023 unification of the market segments (own conversions)25. The CBN does not publish a non-performing loan ratio for agriculture. For the whole banking system the ratio rose from 4.21% in December 2022 to 5.76% in June 2025, above the regulatory benchmark of 5%36.

NGN 3,608.1 bn
bank loans to agriculture, December 2025 (≈US$2.51 bn)1
6.30%
of sectoral bank credit in December 2025, against 1.67% in 20101
29.73%
average maximum lending rate of banks in 20251
32.8%
of adults had a mobile money account (2024)7
Bank loans to agriculture
Sectoral distribution of commercial bank loans and advances, agriculture, NGN billion, December 2010–2025
Source: CBN — CBN Statistical Bulletin Table A.10, end-December stocks. Figures comply with IFRS from March 2014. The stock reached NGN 4,156.0 billion in June 20264.
Bank loans to agriculture in US dollars
Loans to agriculture converted at the IMF end-of-period rate, US$ million, December 2010–2025
Source: CBN · IMF — Own conversion of the naira stock at the IMF end-of-period NGN/USD rate (the CBN official rate). The rates used are 150.66 (2010), 158.27 (2011), 157.33 (2012), 157.26 (2013), 169.68 (2014), 197.00 (2015), 305.00 (2016), 306.00 (2017), 307.00 (2018), 307.00 (2019), 381.00 (2020), 435.00 (2021), 460.00 (2022), 899.89 (2023), 1,535.82 (2024) and 1,435.76 (2025). The falls in 2023 and 2024 coincide with the depreciation of the naira after the June 2023 unification of the market segments, while the naira stock rose by 24.4% in 2023 and 26.6% in 2024 (own calculations)5.
Agriculture's share of bank loans
% of the sectoral distribution of commercial bank loans and advances, December 2010–2025
Source: CBN — Own calculations from CBN Table A.10, whose total includes credit to government. The CBN Financial Stability Report prints 4.8 per cent for December 20243. The share was 6.62% in June 2026 (own calculation)4. Agriculture produced 23.53% of nominal GDP in 20258.
NGN/USD exchange rate, year-end
IMF end-of-period rate, NGN per US dollar, 2010–2025
Source: IMF · CBN — The naira moved from 460 per dollar at the end of 2022 to 899.89 at the end of 2023 and 1,535.82 at the end of 2024, after the unification of the market segments on 14 June 20235. It stood at 1,332.94 at the end of August 2026.
Non-performing loan ratio of the banking system
Gross NPLs as % of gross loans, June 2022–June 2025
Source: CBN — All sectors. The CBN does not publish an NPL ratio for agriculture. The ratio of June 2025 exceeded the regulatory benchmark of 5%6. MPC communiqués gave 4.4% for April 2023 and 4.1% for end-June 2023910.
Bank credit to agriculture, snapshot
IndicatorDec 2023Dec 2024Dec 2025Jun 2026
Loans to agriculture (NGN billion)2,255.42,854.53,608.14,156.0
Total sectoral credit (NGN billion)44,536.159,217.057,314.462,785.1
Agriculture share (%, own calculation)5.064.826.306.62
Loans to agriculture (US$ million, own conversion)2,506.31,858.62,513.03,012.3
NGN per US$, end of period (IMF)899.891,535.821,435.761,379.68
Banking system NPL ratio, all sectors (%)4.344.87––
Source: CBN · IMF — CBN Table A.10, whose total includes credit to government. The NPL ratio was 5.76% at end-June 20256.
6.2

Interest rates and the policy framework

The CBN raised the Monetary Policy Rate from 11.5% in March 2022 to 18.75% in July 2023 and, after a 400 basis point rise in February 2024, to 27.50% in November 2024111213. It cut the rate to 27.00% in September 2025 and 26.5% in February 2026, and on 21–22 September 2026 reset it at 23 per cent11. The average prime lending rate was 18.45% and the maximum lending rate 29.73% in 20251. The cash reserve ratio of commercial banks was 50% from September 2024 and 45% from September 202511.

On 14 June 2023 the CBN merged all foreign exchange market segments into the Investors and Exporters window under a willing buyer, willing seller model5. Under the recapitalisation programme of March 2024 commercial banks with international authorisation needed NGN 500 billion of paid-in capital by 31 March 2026. By November 2025, 16 banks had fully complied, and on 1 April 2026 the CBN announced the conclusion of the programme, under which banks raised NGN 4.65 trillion of new capital141516. Lenders can take security over crops, livestock and stored produce under the Secured Transactions in Movable Assets Act 2017 and register it in the National Collateral Registry1718.

Monetary Policy Rate at each MPC decision
%, January 2022–September 2026
Source: CBN — No MPC meeting was held between July 2023 and February 2024. The November 2024 decision is taken from Communiqué No. 15513. On 21–22 September 2026 the MPC reset the rate at 23 per cent. The communiqué dates follow the CBN listing19.
Bank lending rates
Prime and maximum lending rates of deposit money banks, annual average, %, 2010–2025
Source: CBN — CBN Statistical Bulletin Table A.12, averages of the four quarters. The interest rate on CBN intervention facilities returned from 5% to 9% a year in 202220.
Monetary Policy Rate at the end of each year
%, 2015–2025
Source: CBN — CBN Statistical Bulletin Table A.11.
Monetary policy decisions, 2024–2026
MeetingMonetary Policy Rate (%)Corridor (basis points)Cash reserve ratio, commercial banks (%)
26–27 Feb 202422.75+100/−70045
25–26 Mar 202424.75+100/−30045
20–21 May 202426.25+100/−30045
22–23 Jul 202426.75+500/−10045
23–24 Sep 202427.25+500/−10050
25–26 Nov 202427.50+500/−10050
19–20 Feb 202527.50+500/−10050
19–20 May 202527.50+500/−10050
21–22 Jul 202527.50+500/−10050
22–23 Sep 202527.00+250/−25045 (75 on non-TSA public deposits)
24–25 Nov 202527.00+50/−45045
23–24 Feb 202626.50+50/−45045
19–20 May 202626.50+50/−45045
20–21 Jul 202626.50+50/−45045
21–22 Sep 202623.00+50/−30045
Source: CBN — Decisions as printed on the CBN decisions page, the November 2024 decision from Communiqué No. 155.
Lending rates of deposit money banks (%)
YearPrime lending rateMaximum lending rateMonetary Policy Rate, end of year
202012.3228.6411.5
202111.4828.0611.5
202212.3328.1116.5
202314.0127.9818.75
202416.2929.2027.5
202518.4529.7327
Source: CBN — Annual averages of the quarterly lending rates and end-of-year policy rate, CBN Statistical Bulletin Tables A.11 and A.12.
Bank recapitalisation programme 2024–2026
LicenceMinimum capital (NGN billion)
Commercial bank, international authorisation500
Commercial bank, national200
Commercial bank, regional50
Merchant bank50
Non-interest bank, national20
Non-interest bank, regional10
Source: CBN — Paid-in capital only, with compliance between 1 April 2024 and 31 March 2026. 14 banks had complied by September 2025 and 16 by November 20252115. The CBN press release of 1 April 2026 concluding the programme is titled as NGN 4.65 trillion raised by banks16.
6.3

Central bank interventions and their wind-down

The CBN set up the Anchor Borrowers' Programme under section 31 of the CBN Act to link smallholder farmers with anchor companies, with loans in kind and cash repaid in produce or cash22. Cumulative ABP disbursements reached NGN 1,067.29 billion to over 4.6 million smallholder farmers by October 2022, and the Commercial Agriculture Credit Scheme had disbursed NGN 745.31 billion for 680 projects23. ABP disbursements were NGN 417.0 billion in 2021 and NGN 139.3 billion in 2022, and the ABP loan balance on the CBN's books was NGN 620.4 billion at the end of 20222425. The interest rate on intervention facilities returned from 5% to 9% a year in 202220.

In November 2023 Governor Cardoso said the CBN would discontinue direct quasi-fiscal interventionist activities, and in March 2024 he handed 2.15 million bags of fertiliser valued at over NGN 100 billion to the agriculture ministry2627. The CBN recorded no ABP or CACS disbursements in July 2024–June 2025, and ABP repayments of NGN 10.39 billion and NGN 6.92 billion in the two half-years6. The ACGSF, which the CBN manages, guaranteed 35,227 loans worth NGN 10.44 billion in 2024, about US$7.06 million at the 2024 average rate (own calculation)282. No official ABP total after October 2022 and no official repayment rate were found.

How an Anchor Borrowers' loan worked
CBN guidelines revised September 2021
CBN funds
CBN provides funds through participating financial institutions under section 31 of the CBN Act22
Anchor
An anchor company or commodity association links the farmers, and commodity associations contribute at least 10% equity22
Farmer
4.6 m+smallholders by October 2022
loans in kind and cash23
Repayment
50%of credit risk borne by the CBN
repaid in produce or cash, with the CBN bearing half of the risk once recovery is exhausted22
Source: CBN
CBN agricultural interventions, disbursements and repayments
Anchor Borrowers' Programme and Commercial Agriculture Credit Scheme, NGN billion, 2021 and 2022
Source: CBN — Flows during the year from the CBN 2022 Annual Economic Report. The CBN recorded no ABP or CACS disbursements in July 2024–June 2025, and ABP repayments of NGN 10.39 billion and NGN 6.92 billion in the two half-years6.
Loans guaranteed by the Agricultural Credit Guarantee Scheme Fund
Value of loans guaranteed during the year, NGN million, 2010–2024
Source: CBN — CBN Statistical Bulletin Table C.3.6. The number of loans fell from 72,322 in 2014 to 28,903 in 2019 and was 35,227 in 2024, of which 34,491 to individuals. In January–October 2020, 6,724 of 26,830 guaranteed loans went to women29.
CBN development finance interventions in agriculture
SchemeFigureDate or periodBasis
Anchor Borrowers' ProgrammeNGN 1,067.29 billion to over 4.6 million smallholder farmersCumulative to October 2022Disbursements since inception
Anchor Borrowers' ProgrammeNGN 620.4 billion31 December 2022Gross loan balance on the CBN's books
Anchor Borrowers' ProgrammeNo disbursement, repayments NGN 10.39 billion and NGN 6.92 billionJuly 2024–June 2025Flows by half-year
Commercial Agriculture Credit SchemeNGN 745.31 billion for 680 projectsCumulative to October 2022Disbursements since inception
Commercial Agriculture Credit SchemeNGN 160.1 billion31 December 2022Loans to banks on the CBN's books
Agricultural Credit Guarantee Scheme Fund35,227 loans, NGN 10.44 billion2024Loans guaranteed during the year
P-AADSUp to NGN 2 billion per obligorGuidelines of 2020Loan ceiling
Interest Drawback Programme claims under the ACGSF6,837 claims2024Claims processed (22,133 in 2022)
Fertiliser handed to the agriculture ministry2.15 million bags valued at over NGN 100 billion13 March 2024CBN statement
Source: CBN — No official cumulative ABP figure after October 2022 and no official repayment rate were found.
6.4

Development finance institutions

The Bank of Agriculture, a specialised bank under BOFIA 2020 with 110 branches, is owned by the Federal Government through MOFI and the CBN, which recorded a 14.0% holding at 31 December 2022323325. The 2025 repeal and enactment appropriation bill carries NGN 1.5 trillion for its recapitalisation, whose release was not verified34. NIRSAL Plc, wholly owned by the CBN (CBN accounts, 2022), offers credit risk guarantees of up to 75%2535.

The Development Bank of Nigeria disbursed NGN 359.2 billion in 2025 through participating banks, about US$237 million at the 2025 average rate (own calculation), and NGN 1,416.8 billion since inception362. It states that more than NGN 35 billion went to over 9,000 agribusinesses in 202537. The World Bank approved US$500 million for FINCLUDE through the DBN in December 202538.

Development Bank of Nigeria cumulative disbursements
Cumulative loans disbursed since inception, all sectors, NGN billion, 2018–2025
Source: DBN — All sectors through participating financial institutions. The report prints 2025 disbursements of NGN 359.2 billion and NGN 358.8 billion in different places, and the cumulative series implies NGN 356.1 billion (own calculation). DBN states that in 2025 it channelled more than NGN 35 billion to over 9,000 agribusinesses37.
6.5

Financial inclusion

Account ownership rose from 29.7% of adults in 2011 to 45.3% in 2021 and 63.3% in 2024, and mobile money accounts from 8.7% to 32.8% between 2021 and 2024, while 6.1% of adults borrowed from a formal financial institution in 20247. The 2023 EFInA survey found 64% of adults aged 18 and over formally included and 26% excluded, and among adults living from farming 36% were banked and 30% excluded39. The CBN reports 74% of Nigerians financially included at the end of June 2025 against a target of 95%, on its own definition6. The CBN listed five payment service banks and 790 microfinance banks in October 202640.

Accounts and borrowing
% of adults aged 15+, Global Findex survey years 2011–2024
Source: World Bank — The Global Findex 2025 report presents the 2024 survey round. Including mobile money, 9.1% of adults borrowed formally in 2024.
Financial access of adults living from farming
Access strand of adults whose main income is from farming activities, %, 2023
Source: EFInA — EFInA A2F 2023, adults aged 18 and over. The shares, read from the report's chart, add up to 101% because of rounding.
Domestic credit to the private sector
% of GDP, 2010–2023
Source: World Bank WDI — World Bank data. The ratio uses the rebased GDP from 2019, which lowers it against earlier years.
Financial inclusion
IndicatorValueSurvey and population
Account ownership (%)63.3Global Findex, 2024, adults 15+
Account ownership, women (%)52.2Global Findex, 2024, adults 15+
Mobile money account (%)32.8Global Findex, 2024, adults 15+
Borrowed from a formal financial institution (%)6.1Global Findex, 2024, adults 15+
Formally included (%)64EFInA A2F 2023, adults 18+
Financially excluded (%)26EFInA A2F 2023, adults 18+
Adults living from farming who are banked (%)36EFInA A2F 2023, adults 18+
Adults living from farming who are excluded (%)30EFInA A2F 2023, adults 18+
Financially included Nigerians (%)74.00CBN, end-June 2025
Source: World Bank · EFInA · CBN — The three sources use different definitions and populations and should not be combined.
6.6

Insurance and risk finance

The Nigerian Agricultural Insurance Corporation, wholly owned through MOFI, wrote NGN 1,228.8 million of gross premiums in 2023, against NGN 3,750.9 million in 2019, and made a loss after tax of NGN 1,192.2 million42. The NAIC Act provides premium subsidies of up to 50% and requires farmers who borrow for agriculture to insure43. The insurance industry wrote NGN 2,301.8 billion of gross premiums in 2025, without a separate agricultural class in the NAICOM statistics44. The Insurance Industry Reform Act 2025 raised minimum capital to NGN 15 billion for non-life insurers45. No market-wide figure for agricultural insurance premiums was found.

Premiums of the Nigerian Agricultural Insurance Corporation
Gross premium written, NGN million
Source: NAIC — Five-year summary of the 2023 audited accounts. NAIC made a loss after tax of NGN 1,192.2 million in 2023. The industry wrote NGN 2,301.8 billion of gross premiums in 2025, without a separate agricultural class44.
Agricultural insurance and guarantees
ItemValueSource note
NAIC gross premium written, 2023NGN 1,228.8 millionAudited accounts
NAIC loss after tax, 2023NGN 1,192.2 millionAudited accounts
Premium subsidy under the NAIC Actup to 50% (37.5% federal, 12.5% state)NAIC Act s.9
Cover for farmers with agricultural loanscompulsoryNAIC Act s.13
Insurance industry gross premium, 2025NGN 2,301.8 billionNAICOM, no separate agricultural class
ACGSF maximum guarantee75% of the loanACGSF Act s.6
NIRSAL credit risk guaranteeup to 75%NIRSAL website
Source: NAIC · PLAC, LFN 2004 · NAICOM · NIRSAL — No official figure for agricultural insurance premiums across the market was found.
Central Bank of Nigeria (CBN)
Sets the Monetary Policy Rate, which it reset at 23% on 21–22 September 2026 after a peak of 27.50% in November 2024, and supervises banks1113. It ran agricultural development finance schemes, including the Anchor Borrowers' Programme and CACS, under section 31 of the CBN Act, and in November 2023 its Governor said it would discontinue direct quasi-fiscal interventions2226. It manages the ACGSF and hosts the National Collateral Registry4617.
www.cbn.gov.ng
Bank of Agriculture Limited (BOA)
Specialised bank under BOFIA 2020, incorporated in 1972 as the Nigerian Agricultural Bank, with 110 branches, led by Managing Director Ayodeji Oludare Sotinrin323347. The CBN's accounts record a 14.0% CBN holding at 31 December 2022, and the BOA website (undated) states 60% MOFI and 40% CBN2533. The 2025 repeal and enactment appropriation bill carries NGN 1.5 trillion for its recapitalisation34. In September 2026 it announced an NGN 200 billion Guaranteed Minimum Price programme (about US$150 million at the end-August 2026 rate, own calculation)482.
boanig.com
NIRSAL Plc
Non-bank financial institution set up in 2013 by the CBN, the agriculture ministry and the Bankers' Committee, wholly owned by the CBN (CBN accounts, 2022)4925. It offers credit risk guarantees of up to 75% and reports a cumulative NGN 383 billion facilitated for agribusiness, a figure without a reference date3550.
nirsal.com
Agricultural Credit Guarantee Scheme Fund (ACGSF)
Guarantee fund managed by the CBN since 1977, covering up to 75% of agricultural loans46. It guaranteed 35,227 loans worth NGN 10.44 billion in 2024, against 72,322 loans worth NGN 13.00 billion in 201428.
www.lawsofnigeria.placng.org/view2.php?sn=26
Nigerian Agricultural Insurance Corporation (NAIC)
Federal agricultural insurer under the NAIC Act 1993, wholly owned through the Ministry of Finance Incorporated5142. It wrote NGN 1,228.8 million of gross premiums in 2023 and made a loss after tax of NGN 1,192.2 million42.
naic.gov.ng
Development Bank of Nigeria (DBN)
Wholesale development finance institution that lends and guarantees through financial intermediaries52, owned by AfDB, EIB, MOFI and NSIA, set up with World Bank financing3653. It disbursed NGN 359.2 billion in 2025 and NGN 1,416.8 billion since inception through 84 participating institutions, and states that in 2025 more than NGN 35 billion went to over 9,000 agribusinesses3637.
www.devbankng.com
National Insurance Commission (NAICOM)
Insurance regulator, which implements the Nigerian Insurance Industry Reform Act 2025 and its new capital requirements5445. Its market bulletin for 2025 does not show agricultural insurance separately44.
naicom.gov.ng
Securities and Exchange Commission (SEC) and FMDQ Securities Exchange
The SEC regulates commodity exchanges and warehouse receipts under the Investments and Securities Act 2025 and issued the 2021 sustainable finance guidelines5556. FMDQ lists green bonds, including the Access Bank green bond of 201957.
sec.gov.ng
Debt Management Office (DMO)
Issues the sovereign green bonds, three series between 2017 and 20255859.
www.dmo.gov.ng

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  57. Listing of the Access Bank PLC Climate Bond Certified Green Bond, and FMDQ Green Exchange (web page) — FMDQ Securities Exchangeverified
  58. Green Bond document folder (web page) — Debt Management Office Nigeria (DMO)landing page verified
  59. Sovereign Green Bond Offer Closes with N91.42 Billion in Total Subscriptions (press release, PDF, 19 June 2025) — Debt Management Office Nigeria (DMO)verified
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