CBN Unveils the Accelerated Agricultural Development Scheme (AADS)
The Central Bank of Nigeria (CBN) recently unveiled the guidelines to access the non-interest agricultural loan. The loan is aimed at supporting young farmers under the Accelerated Agricultural Development Scheme (AADS).
The Accelerated Agricultural Development Scheme (AADS) according to the CBN has been set up to increase agricultural production towards food security, job creation and economic diversification. This will be done in partnership with the state governments and relevant stakeholders. The scheme will focus on crops where states have a comparative advantage and the CBN will provide short and medium-term funding windows for the implementation of the program.
Under the AADS scheme, state governments are to mobilize prospective young farmers with representation from all senatorial zones. State governments/FCT will provide farming land of two to five hectares of land per beneficiary including access to roads, water sources, and other infrastructure that will enhance the success of the scheme.
The financing tenor for the AADS scheme is 6 months for grains and broiler production (rice, maize, soybean and others); 18 months for cassava; 24 months for egg production and ruminants; and 5 years for plantation crops.
The AADS scheme is expected to engage a minimum of 370,000 youths in agricultural production across the country over the next three years. All eligible beneficiaries of the program must be prepared to sign an undertaking to abide by the terms of agreement of the scheme. Applicants should be between 18 to 35 years. Beneficiaries are not expected to come up with any physical collateral and applicants must also have a valid BVN.
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Visit the link here to access the complete details of the scheme: https://www.cbn.gov.ng/Out/2020/CCD/AADS%20GUIDELINES%20REVIEWED%20FOR%20THE%20ACCELERATED%20AGRICULTURAL%20DEVELOPMENT%20SCHEME%20final.pdf