Commercial Banks To Grant N2 billion Credit To Agripreneurs

How to Access CBN Non-Interest Accelerated Agricultural Development Scheme (AADS Loan)
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P-AADS: Commercial Banks To Grant N2 billion Credit To Agripreneurs: The CBN has authorized commercial banks to give up to N2 billion maximum as loans to youths interested in going into agriculture.

The Central Bank of Nigeria (CBN) has authorized commercial banks to give up to N2 billion maximum as loans to youths interested in going into agriculture, under the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS).

RELATED: How to Access CBN Non-Interest Accelerated Agricultural Development Scheme (AADS Loan)

The recent disclosure is based on a verified tweet by the Nigerian government, which was seen by Nairametrics.

What you should know

MEDIANGR had earlier reported the launching of the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS) aimed at complementing the Accelerated Agriculture Development Scheme (AADS), and earmarked to mobilize about 370,000 youths in agricultural production.

Some of the key highlights of the scheme include:

  • The P-AADS is designed to complement ADDS by exploring private sector partnership to facilitate more rapid land clearing for production of key agricultural commodities.
  • P-AADS shall be funded from the Anchor Borrowers’ Programme (ABP).
  • The maximum loan accessible under the Scheme shall be N2 billion per obligor. The facility shall be repaid from the Economics of Production (EOP), for cultivating on the cleared farmland.
  • Interest rate under the intervention shall be 5.0% p.a. (all inclusive) up to 28th February 2021. Interest on the facility from 1st March 2021 shall be 9% p.a. (all inclusive).

READ: NHIS Recruitment 2020/2021 Application Form & Portal Registration

What this means

This recent gesture from the Federal Government of Nigeria, just like other related programmes (e.g. the National Young Farmers Scheme, Anchors Borrowers Programme, etc.), are all aimed at diversifying the economy, reducing food import, and ensuring self-sufficiency in the production of key agricultural output, food security, and creating jobs for our teeming youths; hence, reducing youth restiveness through the process.

What they are saying

A verified tweet by the government read thus: “The @cenbank has authorized commercial banks to give up to N2 billion maximum loan to youths interested in going into agriculture, under the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS).

READ: NDE 774000 Special Public Works Programme Recruitment 2020

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