Business

United States Supports 18,000 Nigerian-Owned Small Businesses To Access $244 Million in Agricultural Investments

The United States Government has assisted more than 18,000 small businesses, also known as micro, small, and medium enterprises (MSMEs) to access 188 billion Naira ($244 million) in agricultural investment.

A statement on Wednesday by the USAID read that:  The U.S. government, through the U.S. Agency for International Development (USAID), celebrated the achievements of the five-year “Feed the Future Nigeria Agribusiness Investment activity,” on October 10.

The $15.7 million Agribusiness Investment activity assisted more than 18,000 small businesses, also known as micro, small, and medium enterprises (MSMEs), in seven states – Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.  The initiative mobilized more than 188 billion Naira ($244 million) in agricultural investment, thereby providing access to finance, and bolstering their businesses. 

According to the statement: “The MSMEs are now able to expand business operations for increased food production, specifically for aquaculture, cowpea, maize, rice, and soybean.”

The statement said agriculture accounts for a substantial part of Nigeria’s economy and 35 percent of Nigeria’s workforce is employed in the sector. Nigerian agriculture has economic potential if the high cost of doing business, limited access to finance and investment, and high regulatory barriers can be addressed.

It added that by supporting agriculture and food security programmes in collaboration with the federal and state ministries of agriculture and food security and the private sector to increase agricultural productivity, expand markets, improve nutrition, and facilitate access to finance, USAID has partnered with Nigeria to help address these challenges.

USAID/Nigeria Economic Growth and Environment Office Director Michelle Corzine said: “We have seen remarkable improvements in the agricultural sector, and it is essential that public and private-sector actors continue to collaborate to ensure that we continue to improve the business environment for Nigeria’s farmers,”

More than 150 people attended the closeout event, including the Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr. Ernest Afolabi Umakhihe, USAID officials, and public and private-sector partners.

 Michael Olugbode in Abuja

Follow us on:

AriseNews

Recent Posts

New Zealand Rejects Cook Islands’ Bid For A Separate Passport

New Zealand has rejected the Cook Islands’ proposal for a separate passport, requiring full independence…

8 minutes ago

Honda, Nissan Eye Major Merger, Aim to Finalise Deal by 2025

Honda and Nissan plan a merger to create the world’s third-largest automaker, aiming to finalise…

9 minutes ago

Trump Chooses Ex-Bank President As Latin America Envoy Despite Alleged Affair Scandal

Trump has selected ex-bank president Mauricio Claver-Carone as Latin America envoy, despite past misconduct allegations…

12 minutes ago

Trump Threatens to Take Control of Panama Canal Over ‘Exorbitant’ Fees in Fiery Speech

Trump has demanded Panama reduce Canal fees or return it to US control, sparking backlash…

15 minutes ago

Ex-US Marine Pilot Daniel Duggan to Be Extradited to US Over Alleged Illegal Training of Chinese Pilots

Australia has approved the extradition of ex-marine Daniel Duggan, facing US charges for allegedly training…

17 minutes ago

Trump Nominates Billion Dollar Buyer Host Tilman Fertitta as US Ambassador to Italy

Donald Trump has selected businessman Tilman Fertitta, owner of the Houston Rockets, to serve as…

1 hour ago