The Central Bank of Nigeria has announced plans to engage a minimum of 370,000 youths in Agricultural Production across the country over the next three years. In order to reduce unemployment among the youths in the country through its Accelerated Agricultural Development Scheme AADS.
The guideline stipulates that PFI purchase the inputs for on-selling to the beneficiaries, using CBN approved non-interest financing contract of Muhabaha, Istina; etc an all-inclusive rate of return of 9% p.a
For the financing of labour, the PFI shall use service Ijarah or any other appropriate CBN approved contract for NIFIs with the same all-inclusive rate of return of 9%
Financing tenor is 6months for grains and broiler production ( rice , maize , soya bean etc); 18months for cassava; 24months for egg production and ruminants; 5 years for plantation crops etc.
Average financing size of NGN250,000 per have for arable crops; NGN500,000 per unit for livestock; and NGN1.5million for plantation crops like cocoa, cashew and oil palm.
For eligible beneficiaries of the programme, CBN has pegged age range between 18 and 35 years, adding that beneficiaries must sign an undertaking to abide by the terms of agreement of the scheme.
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