The United States’ government’s Feed the Future Nigeria Agribusiness Investment activity, in partnership with the U.S. Agency for International Development (USAID), has celebrated its empowerment of 18,000 Nigerian-owned small businesses with a blanket $244million worth of grants in agricultural investments.
The celebration of the five-year project, on October 10, 2023, saw the highlighting of the $15.7 million agribusiness investment activity which played a vital role in supporting over 18,000 small businesses, categorised as micro, small and medium enterprises (MSMEs), across Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi and Niger states. The initiative facilitated the mobilisation of more than N188 billion ($244 million) in agricultural investments, thus granting access to crucial financing that has invigorated their enterprises. As a result, MSMEs have expanded their operations, with a specific focus on increasing food production, particularly in the domains of aquaculture, cowpea, maize, rice and soybean.
Given that agriculture is a significant contributor to Nigeria’s economy, with 35 percent of the nation’s workforce employed within the sector, this initiative holds substantial economic potential. However, its success hinges on the resolution of challenges such as the high cost of doing business, limited access to financing and investments, and regulatory barriers.
In tandem with Nigeria’s federal and state ministries of agriculture and food security, as well as the private sector, USAID has undertaken efforts to boost agricultural productivity, enlarge market opportunities, enhance nutritional standards, and facilitate access to funding. The agency’s endeavors align with the mission of improving the business environment for Nigeria’s farmers, as emphasized by the director of USAID/Nigeria Economic Growth and Environment Office, Michelle Corzine.
The event marking the culmination of this initiative saw participation from over 150 individuals, including the permanent secretary of the Federal Ministry of Agriculture and Food Security, Dr. Ernest Umakhihe, USAID officials and public and private-sector partners.
