The United States has provided assistance to 18,000 Nigerian small enterprises in order to promote economic development and entrepreneurship.
According to The Punch, the project would bring in a new era of growth and opportunity for local businesses with an investment of $244 million.
The US government on October 10, through the US Agency for International Development, commemorated the five-year “Feed the Future Nigeria Agribusiness Investment activity.”
It stated that “Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger are among the seven states where the $15.7 million agricultural investment activity benefited over 18,000 small businesses, also referred to as micro, small, and medium enterprises.
“Through the project, more than N188 billion ($244 million) in agricultural investment were raised, giving the farmers access to capital and supporting their operations.
“MSMEs can now grow their operations to produce more food, especially for aquaculture, cowpea, maize, rice, and soybeans.”
According to the statement, agriculture employs 35% of Nigeria’s labour force and contributes significantly to the country’s economy.
It claimed that Nigerian agriculture had economic potential if heavy regulatory barriers, a high cost of doing business, and restricted access to capital and investment could all be removed.
The Director of the USAID/Nigeria Economic Growth and Environment Office, Michelle Corzine, stated: “We have seen remarkable improvements in the agricultural sector. To ensure that we continue to improve the business environment for Nigeria’s farmers, public and private-sector actors must continue to collaborate.”
