Central Bank of Nigeria launches another programme to provide up to N2 billion loan to farmers – CBN has launched guidelines for the regulation of the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS), in order to boost private sector staple food production, industrial raw materials and support food security, job creation and economic diversification.
The bid to address food security and youth unemployment challenges across the country, the CBN introduced the Accelerated Agriculture Development Scheme (AADS) to engage 370,000 youth in agricultural production, in collaboration with state governments.
Prospective P-AADS participants must:
Interest Rate: 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).
Agricultural commodities eligible for consideration under the Scheme are:
i.Rice
ii.Maize
iii.Cassava
iv.Cotton
v.Wheat
vi.Tomato
vii.Poultry
viii.Fish
ix.Sorghum
x.Oil Palm
xi.Cocoa
xii.Livestock/Dairy
xiii.Any other commodities as may be listed by the CBN from time to time
The application portal for the P-AADS loan is not yet out we will update this post immediately the application form, portal is been announced, however, you can read more application this loan on the CBN website via www.cbn.gov.ng/p-aads
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