CBN unveils agribusiness scheme for 370,000 young Nigerians


Central Bank of Nigeria (CBN) has unveiled the Accelerated Agriculture Development Scheme (AADS) in a bid to reduce unemployment in the country and ensure food security for Nigerians.
 
Godwin Emefiele
CBN Governor
The scheme which was flagged-off in the Federal Capital Territory (FCT) by Stanley Nzekwe, Secretary for Agriculture and Rural Development, is intended to engage a minimum of 10,000 unemployed young people in each of the 36 states in the federation and the FCT.

Nzekwe who explained that the flag off was meant to sensitise FCT residents towards ensuring the success of the Scheme in the FCT, said “The AADS is a Federal Government special agricultural programme under the CBN which is expected to focus essentially on youths, in the 36 states of the Federation and the FCT, targeting a minimum of 10,000 young farmers per state.”

 He said prospective farmers must be within the ages of 18 and 35 years and must belong to cooperative organizations. Farmers will also be required to open accounts with the Bank of Agriculture (BoA). In addition, each state is expected to identify a maximum of two commodities, where it enjoys a comparative advantage.

Also speaking, Mr Shankyula Moses, Desk Officer, FCT Development Finance Office of the CBN, said the scheme is a departure from past intervention schemes where cash was given directly to beneficiaries, who sometimes used the money for a different purposes.

Moses said the CBN would rather give all the necessary service support like seeds, fertilizer, chemicals as well as equipment. He expressed confidence that the new arrangement would help to further ramp up domestic production of identified commodities.

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