18,000 Small Businesses in Kaduna, Delta, Others Benefit From N188bn US Investment
- The US is about to fuel economic growth in Nigeria with a N188 billion investment
- The investment will aid 18,000 SMEs from some states in Nigeria, including Benue and Niger
- The Agricultural sector, which employs 35% of Nigeria's workforce, will be given priority
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The United States has provided assistance to 18,000 small enterprises in Nigeria in a bid to promote economic growth and foster entrepreneurship.
This follows an earlier move by Google to amplify the ambitions of Nigerian Small and Medium-sized Enterprises (SMEs) with a N75 million equity-free fund.
According to an official statement, this initiative, funded with an investment of $244 million, is poised to significantly influence the local business environment, marking the beginning of a promising period of expansion and potential.
Source: UGC
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According to Punch, the accomplishments of the five-year "Feed the Future Nigeria Agribusiness Investment activity" were recently commemorated by the United States government, facilitated through the US Agency for International Development, with an event held on October 10.
It stated that:
The $15.7m agribusiness investment activity assisted more than 18,000 small businesses, also known as micro, small, and medium enterprises, in seven states – Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.
The initiative mobilised more than N188bn ($244m) in agricultural investment, thereby providing access to finance, and bolstering their businesses.
The investment fund to prioritise the agriculture sector
The US agency stated that small and medium-sized enterprises (MSMEs) have gained the capacity to broaden their business activities, which will result in higher food production, particularly in aquaculture, cowpea, maise, rice, and soybean cultivation.
Agriculture played a significant role in Nigeria's economy, with the statement indicating that 35% of the country's workforce was engaged in this sector.
The statement also emphasised the economic promise of Nigerian agriculture, provided that challenges such as the high cost of conducting business, restricted access to financing and investment, and formidable regulatory obstacles could be effectively tackled.
Michelle Corzine, the Director of the USAID/Nigeria Economic Growth and Environment Office, noted significant advancements within the agricultural sector.
She emphasised the importance of ongoing collaboration between public and private sector entities to enhance the business environment for Nigerian farmers further and sustain these improvements.
DBN to share N150bn to 120,000 Small Businesses in Nigeria
Meanwhile, Legit.ng arlier reported that the Development Bank of Nigeria (DBN) has unveiled plans to disburse N150 billion to support MSMEs within the nation in 2023.
Joseph Nnanna, who serves as the chief economist of DBN, stated that these funds will be channelled through partnering financial institutions to facilitate additional lending to MSMEs across various economic sectors.
Nnanna explained that the impetus for this initiative stems from the escalating unemployment rates in the country and the imperative to stimulate more growth within the MSME sector.
Source: Legit.ng
