USAID commits $15.7m to helping MSMEs in Nigeria’s agric ecosystem

Date:

Share post:

Global development arm, United States Agency for International Development (USAID), has announced a 5-year commitment that will see the organisation plow $15.7 million into helping high earners in the agric sectors of states such as Ebonyi, Delta, Kaduna, Benue, Niger and Cross River.

The investment is meant to remove hiccups to accessing funding experienced by Micro, Small and Medium Enterprises in the agriculture sector of Nigeria . Beneficiaries are agribusiness owners engaged in production of commodities such as cowpea, rice, soybean, maize and acquaculture.

Speaking in Ebonyi state recently, the chief of party and managing director at USAID, Adam Saffer, said the investment will help fast-track the push for a non-oil economy by building an empowered environment necessary for business to thrive.

According to Saffer, “In line with the U.S. and Nigerian governments’ commitment to growing the non-oil based economy, this activity is pursuing a unique, robust business-centred strategy to increase the depth, breadth, dynamism and competitiveness of Nigeria’s agribusiness sector”.

He added, “The activity is designed to create an improved environment by working toward four interrelated objectives: mitigate obstructive policies to make it easier to do business in Nigeria’s agricultural sector, broaden access to finance and promote investment opportunities in agriculture, and strengthen the capacity of agribusiness to expand and scale up operations.”

Agribusiness and tech are seen as growth areas for Nigeria economy in the 21st century. This is because the nation’s major source of revenue, crude oil, is being confronted by uncertainties. Some of these uncertainties are attached to the activities of climate activists, curbs on production and conflicts in critical regions; the advent of electric cars, and the move towards alternative form of, or clean, energy.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

Nigerian consumers deserve the best – CEO, FWS

The Nigeria wine and spirits market continues to receive rave reviews despite multiple challenges. The solid performance of...

Sterling Bank, Cascador open funding opportunity for entrepreneurs

Cascador, Nigeria’s premier accelerator for mid-stage entrepreneurs, has announced a landmark partnership with Sterling Bank to launch a...

Olam Agri Launches Tasty, New Crown Spaghetti Variance

Crown Flour Mill (CFM) Limited, the wheat milling and pasta business of Olam Agri in Nigeria, has unveiled...

Three (3) ways to create value and ensure retention – Kenny Bakare, SSA on Grassroots Empowerment, Lagos State Government

Product and service obsession can be a trap that limits what your offerings eventually deliver at usage or...