Do you want to start or expand your own farm or agro-business?
If yes, you should not miss the opportunity to apply for a loan from the CBN Non-Interest Accelerated Agricultural Development Scheme (AADS) this month.
The CBN Non-Interest Accelerated Agricultural Development Scheme (AADS) is a loan program that provides funding for young Nigerians who want to engage in agricultural activities.
The program is part of the policy response of the Central Bank of Nigeria (CBN) to the economic and social challenges posed by the COVID-19 pandemic, which aims to create more jobs and income for Nigerians, especially the youth.
Find out more below:
About CBN Non-Interest Accelerated Agricultural Development Scheme (AADS)
The AADS offers loans for various agricultural activities, such as crop production, livestock rearing, fish farming, and agro-processing.
The loans are based on the principles of non-interest financing, such as profit-sharing, partnership, and equity participation.
Features of the AADS Loans
The AADS loans have the following features:
- The loan amount is up to N2 million per beneficiary, with no collateral required.
- The loan is interest-free, with a service charge of 5% per annum, payable at the end of the loan tenure.
- The loan has a moratorium of 6 months and a tenor of up to 3 years, depending on the type and nature of the agricultural activity.
- The loan can be used for various purposes, such as equipment purchase, working capital, expansion, and renovation.
Eligibility Criteria for the AADS Loans
To be eligible for the AADS loans, you must meet the following criteria:
- You must be a Nigerian citizen and a resident of Nigeria.
- You must be between the ages of 18 and 35 years.
- You must have a viable agricultural project or an existing farm or agro-business.
- You must have a bank verification number (BVN) and a valid identification.
- You must have a business plan and a cash flow projection.
- You must have a good credit history and a satisfactory guarantor.
Read full article on: 10 Government Loans Available This Month
Application Process for the AADS Loans
To apply for the AADS loans, you need to follow these steps:
- Visit the AADS portal and fill out the online application form.
- Provide documents such as your BVN, identification, business plan, and guarantor’s details.
- Submit your application and wait for the verification and approval process.
- Receive your loan disbursement through your bank account.
Benefits of the AADS Loans
The AADS loans offer several benefits to young Nigerians who want to engage in agricultural activities, such as:
1. Funding
The AADS loans provide young Nigerians the funds they need to start or expand their own farm or agro-business.
The AADS loans have flexible terms and conditions, such as no interest, no collateral, and long repayment periods, that make them affordable and accessible to young Nigerians.
2. Empowerment
The AADS loans also empower young Nigerians to become self-reliant and productive members of society.
The AADS loans help young Nigerians acquire the skills and knowledge they need to succeed in the agricultural sector, such as crop production, livestock rearing, fish farming, and agro-processing.
3. Development
The AADS loans also contribute to developing the agricultural sector and the economy of Nigeria.
The AADS loans help young Nigerians produce and supply more food and raw materials for the local and international markets and create more jobs and income for themselves and others.
Conclusion
The CBN Non-Interest Accelerated Agricultural Development Scheme (AADS) is a great opportunity for Nigerian youths interested in agricultural production.
The scheme provides financing, land, and infrastructure for cultivating various crops with high demand and value.
The scheme aims to reduce unemployment, enhance food security, and diversify the economy.
To apply for the scheme, prospective beneficiaries must contact their deposit money banks and meet the eligibility criteria.
The scheme is open for applications this month, so hurry and grab this chance to become a successful agro-entrepreneur.
