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CBN Has Authorised Commercial Banks to Give up to N2 billion Maximum Loan to Youths Interested in going into Agriculture

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Godwin Emefiele - CBN Governor NigeriaGodwin Emefiele

To address the food security and youth unemployment challenges across the country, the CBN has introduced the Accelerated Agriculture Development Scheme (AADS) to engage 370,000 youth in agricultural production, in collaboration with state governments, under the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS).

The Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS) was also developed to complement AADS by exploring private sector partnership to facilitate more rapid land clearing for production of key agricultural commodities.

The broad objective of the P-AADS is to facilitate increased private sector agricultural production of staple foods and industrial raw materials, as well as support food security, job creation and economic diversification.

The interest rate under the intervention shall be 5.0% p.a. (all inclusive) up to 28th February 2021 and 9% p.a. (all inclusive) from 1st March 2021.

The tenor of the facility is as follows:

Annual crops: Maximum tenor of six (6) years with six (6) months moratorium.
Perennial crops: Maximum tenor of ten (10) years with one-year moratorium.

See the documents below for eligibility, modalities and other information for accessing the facility.

The @cenbank has authorised 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).

Click here for details:

— Government of Nigeria (@NigeriaGov) November 18, 2020

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