P-AADS Loan for Farmers: Registration Portal & How to Apply
Do you want to know about P-AADS Farmers Loan or how to apply for it? If yes, then you are in the right place. Today we will show you the P-AADS Farmers Loan registration portal and how to apply for the loan.
The P-AADS which is an acronym of ‘Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS)‘ is a programme created by the Central Bank Of Nigeria. It’s a loan specifically created for farmers who are in need of funds to improve their productivity. Below is the vital information you need to know about the ongoing P-AADS loan, also known as the Farmers Loan.
Registration Portal for P-AADS Loan
One of the major reasons for creating the Private Sector-Led Accelerated Agriculture Development Scheme (P-AADS) is to support food security, increase the private sector staple food production, support industrial raw materials, job creation, as well as to economically diversify.
This programme was initiated by the Central Bank of Nigeria (CBN) with the aim of reducing youth unemployment and address food security across the country. The programme aims to engage 370,000 youth in agricultural production, in collaboration with the state governments.
Qualifications for the P-AADS Farmers Loan
There are certain qualifications and requirements you must meet. Prospective P-AADS Loan participants must:
- Be either a new or an existing firm engaged in agricultural production with a proven capacity and bankable proposal.
- Possess an acceptable title for contiguous lands which must not be less than 20 hectares.
- Have a good credit record and also be able to provide the required collateral for participation.
- Show evidence of engagement of farmers, capacity to cultivate a focal commodity directly or including youths as out-growers or in-growers to cultivate on the land after clearing.
NOTE: The interest rate under the intervention is a 5.0% p.a. (all-inclusive) up till the 28th February 2021. Meanwhile, from the 1st of March 2021, the interest on the facility will be 9% p.a. (all-inclusive).
Qualified Commodities for the P-AADS Loan
Below are some of the agricultural commodities eligible for consideration under the P-AADS programme:
- Oil Palm
- Any other commodities as may be listed by the CBN from time to time
OTHER GOVERNMENT GRANTS & LOANS
How Do I Apply For P-AADS Farmers Loan
Interested firms or individuals can apply for the P-AADS Farmers Loan. You can easily apply by visiting www.cbn.gov.ng/p-aads to acquaint yourself with all the application and registration guidelines. Soon we will release the new link for the registration officially soon.