Nigeria’s economy is about to benefit from a N188 billion investment from the US.
18,000 SMEs from several states in Nigeria, including Benue and Niger, will benefit from the investment.
Three quarters of Nigeria’s workforce works in agriculture, thus this industry would receive priority.
To support entrepreneurship and economic growth, the United States has given aid to 18,000 small businesses in Nigeria.
This $244 million effort, according to an official release, is expected to have a major impact on the local economic environment and signal the start of a promising phase of growth and promise.
Punch reports that the US government, acting through the US Agency for International Development, celebrated the achievements of the five-year “Feed the Future Nigeria Agribusiness Investment activity” with a ceremony on October 10.
It said as much as
Over 18,000 small businesses, sometimes referred to as micro, small, and medium enterprises, received assistance from the $15.7 million agricultural investment activity throughout seven states: Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.
More than N188 billion ($244 million) in agricultural investment was raised thanks to the program, giving the farmers access to capital and supporting their operations.
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The investment fund that will give the agriculture industry priority
According to the US government, MSMEs have expanded their business operations, leading to increased food production, especially in the areas of aquaculture, cowpea, maise, rice, and soybean agriculture.
Nigeria’s economy was heavily dependent on agriculture; according to the statement, 35% of the labor force was employed in this industry.
The statement also emphasized the potential for Nigerian agriculture’s economy, if issues including high transaction costs, limited access to capital and investment, and significant regulatory barriers could be successfully resolved.
Director of the USAID/Nigeria Economic Growth and Environment Office Michelle Corzine pointed out notable developments in the agricultural field.
In order to maintain and strengthen the economic climate for Nigerian farmers, she emphasized the significance of continued cooperation between public and private sector organizations.
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