CBN releases new guidelines for non-interest Agric scheme to empower 370,000 youths

The CBN Agric Scheme to boost job security

Nigeria’s central bank has released a new guideline for the Accelerated Agricultural Development Scheme (AADS).

The scheme is aimed at creating employment for no fewer than 370,000 youths in agricultural production across the country over the next three years in order to reduce youth unemployment in the country.

The apex bank said in the guideline posted on its website on Tuesday that the “broad objective of the AADS is to increase agricultural production towards food security, job creation and economic diversification”.

Specifically, the scheme is aimed at “promoting national food security in each State through sustained interactions amongst stakeholders in the agricultural value chain; collaborating with 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; and providing short and medium-term funding windows for the implementation of the scheme.

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The scheme is targeted at Nigerians youths within the ages of 18 to 35 years.

How It Works

The scheme shall focus on two Agricultural Commodities where a state has comparative advantage and it is the responsibility of State governments to mobilise young farmers and ensure that representation cuts across all senatorial zones.

The State Governments/FCT shall provide a minimum of 100 hectares per cluster in contiguous locations in all senatorial Zones, and prospective entrepreneurs (that meet the eligibility criteria) shall be grouped into clusters by commodity to be produced.

According to the guidelines, the State governments shall also allocate 2-5 hectares of land per beneficiary, and provide access roads, water sources and other infrastructure that will enhance agricultural production on the land.