The United States has taken a significant step in advancing economic development and entrepreneurship in Nigeria by extending its support to 18,000 small businesses.
With an investment of $244 million, this initiative is poised to create a profound impact on the local business landscape and usher in a new era of growth and opportunity.
The initiative is a result of the five-year “Feed the Future Nigeria Agribusiness Investment activity,” which was celebrated on October 10 by the United States government through the U.S. Agency for International Development (USAID).
This initiative which injected $15.7 million into agribusiness investments empowered over 18,000 small businesses, often referred to as micro, small, and medium enterprises, across seven Nigerian states.
The profound impact of this initiative becomes apparent as it mobilized over N188 billion ($244 million) in agricultural investment, effectively providing crucial access to finance and bolstering the businesses of these small enterprises.
With the newfound support, these micro, small, and medium enterprises are now well-equipped to expand their operations, particularly in sectors such as aquaculture, cowpea, maize, rice, and soybean production.
Agriculture has always played a vital role in Nigeria’s economy, employing 35 percent of the nation’s workforce. However, the statement accompanying the initiative highlights that the economic potential of Nigerian agriculture can only be fully realized if certain challenges are addressed.
These challenges include the high cost of doing business, limited access to finance and investment, and the presence of high regulatory barriers.
USAID/Nigeria Economic Growth and Environment Office Director, Michelle Corzine, emphasized the remarkable improvements seen in the agricultural sector and underlined the importance of continued collaboration between public and private-sector stakeholders to enhance the business environment for Nigeria’s farmers.
The U.S. investment signifies a commitment to promoting economic growth and stability in Nigeria, creating an environment conducive to entrepreneurship and fostering the prosperity of small businesses, which are the backbone of any thriving economy.