As the first term drew to a close in early 2023, the administration’s agricultural focus remained heavily weighted toward "input support" rather than liquid credit. Through the Oyo-CARES (NG-CARES) program, the state distributed agricultural inputs to over 10,000 farmers across the 33 Local Government Areas. 

 

While these materials provided significant financial relief to farmers who would have otherwise needed to borrow money to purchase them, independent reports from agricultural unions indicated that the transition to a dedicated, cash-based revolving loan scheme for the general farming population was still in the works as the May 2023 deadline approached.

 

The Future Looks Promising: How Rural Farmers in Northwest Nigeria Are Reaping the Benefits of Climate Innovation | United Nations Development Programme

 

Earlier in 2021 and 2022, the government prioritized the data-gathering and institutional reform of the Agricultural Credit Corporation of Oyo State (ACCOS). After years of inactivity under previous administrations, a new board was appointed and the agency was recapitalized. 

 

During this phase, the Agribusiness Development Agency (OYSADA) conducted a biometric registration of farmers to create a "clean" database, an essential step to prevent the "political farmer" phenomenon that had crippled previous loan schemes. However, this rigorous verification process meant that the large-scale disbursement of dedicated agricultural loans was deferred while the agency’s internal machinery was being rebuilt.

 

Farmers in northern Nigeria receive agricultural inputs

 

The foundational effort began in June 2020 with the launch of the ₦1 Billion MSME Development Fund. This facility, managed through microfinance banks, provided loans at a 9% interest rate to various business owners, including those in the agribusiness sector. 

 

While this fulfilled the "single-digit" promise for those who could access it, the requirement for civil servant guarantors and the general nature of the fund limited its reach among grassroots smallholder farmers. Consequently, by the end of the 2019–2023 term, the administration had successfully delivered "input credit" and general business loans but had not yet operationalized a dedicated, state-wide cash credit system specifically for farmers.