Governor of the Central Bank of
Nigeria, CBN, Godwin Emefiele has
assured Nigerians youths that over
360,000 jobs will be created through
the Accelerated Agricultural
Development Scheme, AADS.
This was disclosed on Friday to
stakeholders at a meeting on the
operational framework for the
Accelerated Agricultural
Development Scheme.
The scheme was aimed at engaging
unemployed youths between the ages
of 18 and 35.
A minimum of 10,000 youth
interested in engaging in sustainable
and profitable activities along the
agriculture value chain in each state,
would be employed and trained, the
CBN governor explained.
“This scheme has been designed to
create an ecosystem with the active
participation of the public sector,
state governments and the private
sector.
“I believe we are on the verge of
something very significant with the
AADS,” he said.
According to Mr. Emefiele one of the
objectives of AADS is the creation of
an economy of scale for farming on
adjoining land.
“It aims to reduce cost of production
with availability of high quality
inputs at competitive prices and
lowering delivery cost of extension
services.
“It will also assist farmers in
embracing modern farming practices,
such as use of tractors and irrigation
schemes,” he said.
The governor said the bank will
provide financing at single digit
interest rates and that state
governors are expected to provide
adjoining arable land, more efficient
extension services, training, basic
infrastructure, and mentorship for
the beneficiaries.
He further explained that
“beneficiaries are not expected to
come up with any physical collateral
but they must be grouped into
formally registered cooperatives and
cross-guarantee each other.”
“All loan beneficiaries must also have
valid Bank Verification Numbers
(BVN), which will be registered on
the National Collateral Registry and
used to track repayments and also
blacklist any defaulters.”
He also disclosed that engagements
with stakeholders would be
continuous to ensure that the scheme
begins during the dry season
cultivation period of the year.
The Federal Minister of Agriculture
and Rural Development, Audu
Ogbeh said his ministry would be
providing technical support for the
project.
“We will be fully involved in the land
clearing aspect of the project. In
some places, we will also be building
dams and lakes to ensure all season
farming.
“We will also provide advice because
we have a team of experts at the
ministry on crops, soil testing and the
right kind of fertiliser so that when
these young people go into
agriculture, they won’t lose money,”
he said.
The Kebbi State Governor, Atiku
Bagudu, acknowledged the efforts of
the federal government in the
agriculture sector particularly their
recognition of the benefit of
agriculture to economic development
.
Mr. Bagudu also projected the need
to involve financial institutions
whose banking models allow to
support agriculture in the scheme to
aid success.
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