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.
Criteria for the P-AADAS Farmers Loan 2020
Prospective P-AADS participants must:
- be existing or new firms engaged in agricultural production with proven capacity and bankable proposal
- Possess acceptable title for contiguous lands of not less than 20 hectares.
- have good credit record be able to provide the required collateral for participation
- Provide evidence of capacity to cultivate a focal commodity directly or engagement of farmers, including youths as in-growers or out-growers to cultivate on the land after clearing
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).
Eligible Commodities for the P-AADS Loan 2020
Agricultural commodities eligible for consideration under the Scheme are:
xiii.Any other commodities as may be listed by the CBN from time to time
How to apply for the P-AADS Farmers Loan 2020
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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