Central Bank of Nigeria unveils interest-free loans scheme to boost agricultural products
The scheme will enable the employment of a minimum of 370,000 youths in agriculture. (Image source: Free-Photos/Pixabay)
The scheme will enable the employment of a minimum of 370,000 youths in agricultural production across Nigeria in the next three years.
While the state governments provide a minimum of 100 ha in clusters with an allocation of two to five hectares of land per beneficiary, provide access roads, water sources and other infrastructure that will enhance production, the CBN will act as the managing agent and grant an interest-free loan with tenor ranging from six months to five years. Such funds will be disbursed through participating financial institutions.
The plan will help in reducing employment, increase agricultural production and diversify of the economy.
Additionally, the Central Bank of Nigeria has announced non-interest loan to restructure the moribund Nigerian textile firms. The intervention will cover textile mills, integrated garments mills for military, para military and other uniformed institutions including schools. It will terminate by 31 December 2025.