CBN to give N2 billion loans to youths

Post created on 9:40 am

FILE PHOTO: Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo – RC1E81C7FA80

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 signed by CBN Director Development Finance Department, Yusuf Yila Philip, the maximum loan accessible under the scheme shall be N2 billion per obligor.