US To Support Nigeria With $244 Million To Boost Small Businesses, Agriculture

The United States has extended a helping hand to 18,000 small businesses in Nigeria with an investment of $244 million in a move to drive economic development and entrepreneurship.

This initiative, known as the “Feed the Future Nigeria Agribusiness Investment activity,” celebrated its achievements on October 10. According to the US Agency for International Development, this $15.7 million agribusiness investment activity has played a crucial role in supporting micro, small, and medium enterprises across seven Nigerian states: Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.”

Speaking about the impact of this initiative, Michelle Corzine, the Director of USAID/Nigeria Economic Growth and Environment Office, emphasized the importance of collaboration between public and private-sector actors to enhance the business environment for Nigerian farmers.

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She stated, “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.”

This investment is expected to boost the local business landscape, paving the way for a new era of growth and opportunity. Small businesses in Nigeria will now have access to finance and support to expand their operations, particularly in aquaculture, cowpea, maize, rice, and soybean production.

With agriculture being a vital component of Nigeria’s economy, this investment could unlock the country’s economic potential, provided that issues such as the high cost of doing business, limited access to finance and investment, and high regulatory barriers are addressed.