PRIVATE-SECTOR LED ACCELERATED AGRICULTURAL LAND DEVELOPMENT SCHEME
PRIVATE-SECTOR LED ACCELERATED AGRICULTURAL LAND DEVELOPMENT SCHEME (PAADS) was developed to complement AADS by exploring private sector partnerships to facilitate more rapid land clearing for the production of key agricultural commodities.
The AADS programme was initially introduced the Accelerated Agriculture Development Scheme (AADS) to engage 370,000 youth in agricultural production, in collaboration with state governments as part of the CBN developmental mandate, to develop and introduce development finance programmes and schemes to expand access to finance to critical sectors and segments of the economy.
In cognisance of the existing limitations of the AADS programme, which was inclined towards the public sector, the PAADS was introduced with the broad objective of facilitating increased private sector agricultural production of staple foods and industrial raw materials, as well as support food security, job creation and economic diversification by providing finance for Agricultural land opening and development.
The specific objectives are to:
- Fast track land clearing for primary production of agricultural commodities;
- Promote food security through the provision of large contiguous land for agricultural production across all states;
- Collaborate with agro-processors engaged in backward integration by providing financing for extended land clearing in proximal locations for cultivating commodities for the supply of industrial raw materials;
- Support other capable stakeholders interested in unlocking land for agriculture through appropriate financing;
- Engender job creation for individual farmers that will cultivate on the cleared land.
In 2020, the Nigeria Agricultural Mechanization and Equipment Leasing Company (NAMEL) was accredited as a Service Provider under this scheme and has since facilitated the participation of about 30 private sector players with over 30,000 hectares and executed the pilot project which is a collaboration of private sector players with the Delta State Government for the Land Clearing and Development of 1,500 Hectares in Mosogar, Delta State.