The Central Bank of Nigeria has announced plans to engage three hundred and seventy thousand youths in agriculture production through its Accelerated Agricultural Development Scheme.
The CBN made the announcement in its ‘Non interest guidelines for the Accelerated Agricultural Development Scheme.
It said the objective of the programme is to increase agricultural production towards food security, job creation and economic diversification.
According to the CBN, Nigerian youths within the ages of eighteen to thirty-five years are the target group.
The apex bank said the participating finance institutions would act as its agents in disbursing the financing to the beneficiaries.
According to the CBN, the beneficiaries will be responsible for the management of the farm, provide a third party, and a guarantor for repayment of financing facility.
The CBN added that the Nigeria Agricultural Insurance Corporation would provide insurance cover for agricultural enterprises.
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