In a promising sign of economic resilience, Nigeria's agricultural sector has witnessed a substantial boost in banking credit, expanding by nearly 30% in just one year.

Central Bank of Nigeria data reveals that agricultural lending reached an impressive N3.24 trillion in April 2025, showcasing robust financial support for farmers despite minor quarterly fluctuations.

The year-on-year growth represents a significant leap from 2024's lending figures, which stood at N2.58 trillion in April. This increase of approximately N650 billion to N750 billion highlights growing banking confidence in agriculture's potential to drive national economic development.

Historically, agriculture—which employs a substantial portion of Nigeria's workforce and contributes over 20% of national output—has struggled with limited formal credit access. Banks traditionally viewed farming as high-risk, deterred by stringent collateral requirements and elevated interest rates.

CBN Governor Olayemi Cardoso acknowledged this long-standing challenge, noting that agriculture receives less than 5% of formal bank credit. His recent inauguration of the Agricultural Credit Guarantee Scheme Fund Board signals a strategic shift towards prioritizing agricultural financing.

The emerging trend suggests a transformative approach to agricultural funding, potentially empowering millions of farmers and accelerating food production and agro-processing capabilities. By bridging historical financial gaps, Nigeria could unlock significant economic potential in its agricultural sector.

This progressive lending trend represents more than mere statistics—it symbolizes hope, opportunity, and a committed national strategy to uplift rural economies and strengthen food security.