Access CBN Non-Interest Loan – Guidelines and Requirements for AADS. The Accelerated Agriculture Development Scheme (AADS) through the Central Bank of Nigeria (CBN)! will engage a minimum of 370,000 youths in agricultural production across the country over the next three years in order to reduce unemployment among the youths in the country.
The AADS initiative according to CBN will impact positively the Nation’s GDP, increase Agricultural Production, job creation, and economic diversification. However, the targetted group for this programme is Nigerian youths between the ages of 18 to 35 years.
Meanwhile, the focal activities are on two Agricultural Commodities where the state has a comparative advantage. Access CBN Non-Interest Loan to increase your Agriculture production capacity.
Accelerated Agriculture Development Scheme (AADS) Objectives
- Promotion of National food security in each State through sustained interactions amongst stakeholders in the agricultural value chain.
- Collaboration amongst State Governments, the CBN, and relevant other stakeholders to create jobs in the agricultural sector, with a strong focus on crops where States have a comparative advantage.
- Provision of short and medium-term funding windows for the implementation of the Scheme
To be eligible for the AADS youth Agriculture loan; you must be a Nigerian youth with the ages of 18 to 35 years and also sign an undertaking to abide by the terms of agreement of the Scheme.
- Be responsible for the management of the farm
- Provide a third-party guarantor for repayment of financing facility.
- Cross guarantee one another
- Must agree to work with extension workers
- Also, commit to abide by the terms of the agreement and not to side sell produce
- Repay the financing facility as and when due by surrendering the output to the Anchor or State
- Anchors/Processors/Aggregators shall sign uptake agreement with PMT
- Produce off-take shall be on a cash and carry basis
- The contiguous nature of farms should reduce the logistics associated with aggregation.
However, the Nigeria Agricultural Insurance Corporation (NAIC) shall provide insurance cover for agricultural enterprises.
For more details about the Accelerated Agriculture Development Scheme click HERE