THE CENTRAL Bank of Nigeria (CBN)
governor, Godwin Emefiele, on Friday
explained how President Muhammadu
Buhari’s promise to provide 360,000
jobs for youths nationwide, will be
actualized.
Emefiele told stakeholders at a
meeting on the operational framework
for the Accelerated Agricultural
Development Scheme (AADS), under
which the jobs will be created that
the scheme was targeted primarily at
unemployed youths between the ages
of 18 and 35.
The CBN governor said through the
scheme, a minimum of 10,000 youths
in each state, willing to engage in
sustainable and profitable activities
along the agriculture value chain,
would be employed and trained.
“I believe we are on the verge of
something very significant with the
AADS.
“This scheme has been designed to
create an ecosystem with the active
participation of the public sector, state
governments and the private sector,’’ he
said.
Emefiele said the objectives of AADS
included the creation of economy of
scale of farming on contiguous land.
“It will also assist farmers in embracing
modern farming practices, such as use
of tractors and irrigation schemes.
“It aims to reduce cost of production
with availability of high quality inputs
at competitive prices and lowering
delivery cost of extension services,’’ he
stated.
Emefiele said state governments
were expected to provide contiguous
arable land, basic infrastructure, more
efficient extension services, training and
mentoring of the beneficiaries.
“The CBN on its part will provide
financing at single digit interest rates.
“Beneficiaries are not expected to
come up with any physical collateral
but they must be grouped into formally
registered cooperatives and crossguarantee
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 added.

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