Categories: News

USAID empowers 18,000 Nigerian SMEs with $244m in agricultural investments

The United States Agency for International Development (USAID, with its recently concluded “Feed the Future Nigeria Agribusiness Investment activity” mobilized $244 million in agricultural investments in Micro, Small, and Medium scale enterprises (MSMEs) in Nigeria.

The initiative which lasted for five years supported over 18,000 MSMEs across seven Nigerian states, namely Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.

Advertisement

These small businesses, often the backbone of local economies, experienced a significant improvement in their operations.

The capital investment in the agricultural sector enabled MSMEs to have greater access to capital and ensure operational growth in the sector.

Advertisement

This initiative’s achievements can be attributed to the collaborative efforts of USAID, the Nigerian government, federal and state ministries dedicated to agriculture and food security, and the private sector.

They united their efforts to amplify agricultural productivity, extend market prospects, elevate nutritional standards, and simplify financial resource accessibility

Advertisement

Moreover, Michelle Corzine, as the Director of the USAID/Nigeria Economic Growth and Environment Office, underscored the significance of ongoing cooperation between the public and private sectors.

She said,

Advertisement
  • “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.“

More Insights

Nigeria’s economy relies heavily on agriculture, with nearly 35% of its workforce engaged in this sector. The sector also accounts for about 23.69% of the country’s gross domestic product (GDP), estimated as one of the highest contributors to Nigeria’s GDP.

Nevertheless, it confronts obstacles like exorbitant operational costs, constrained financial access, and regulatory intricacies.

The Agribusiness Investment activity therefore empowered MSMEs for expansion, with an emphasis on food production. Key agricultural sectors such as aquaculture, cowpea, maize, rice, and soybean have all experienced growth.
Advertisement
citynews

Recent Posts

Tinubu’s Aide Condemns Plan To Reinstall ‘Jesus Is Not God’ Banner In Lekki Mosque

The Senior Special Assistant to President Bola Tinubu on Community Engagement (North Central), Abiodun Essiet,…

32 minutes ago

President Tinubu’s reforms not responsible for food stampedes – FG

The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…

44 minutes ago

I will be more influential in Nigeria than UK – Tobi Adegboyega

Tobi Adegboyega, founder of the Salvation Proclaimers Anointed Church (SPAC Nation), has stated that he…

45 minutes ago

Petrol To Sell ₦‎935/Litre From Today – IPMAN

The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell…

54 minutes ago

2025 Budget Cannot Address Nigeria’s Economic Challenges – Atiku

The former vice president made this disclosure in a statement on Sunday, reacting to the…

58 minutes ago

NIGERIAN BREWERIES PARTNERS OZA CARNIVAL

PRESS STATEMENT Nigerian Breweries PLC - The pioneer and largest brewing company in Nigeria which is…

13 hours ago