CBN Tells Banks To Offer Youths N2b Agric Loan

By Our Business reporter 

The Central Bank of Nigeria (CBN) has authorised commercial banks to give up to N2 billion maximum loan to youths interested in going into agriculture.

The loan, which comes under the Accelerated Agriculture Development Scheme (AADS) at five per cent interest rate per annum was created by the apex bank in collaboration with state governments to engage 370,000 youth in agricultural production.

According to the loan guideline released on Tuesday and signed by CBN Director Development Finance Department, Yusuf Yila Philip, the maximum loan accessible under the scheme shall be N2 billion per obligor.