The United States Agency for International Development (USAID), has mobilised N188 billion in private debt and equity financing to support agribusiness across Nigerian seven states of Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi and Niger.
The USAID/Nigeria Economics Growth & Environment Office Director, Michelle Corzine disclosed this at the Feed the Future Nigeria Agribusiness Investment Activity Closeout Ceremony in Abuja.
Since 2008, USAID, through the Feed the Future Initiative, has been combating global hunger through this initiative. Nigeria is one of the US government’s twelve Feed the Future focus countries. Corzine said the Agribusiness investment activity is responsible for connecting over 18,000 micro, small and medium agribusinesses to private investors in Nigeria.
She also said the Agribusiness investment activity also plays a significant role in empowering women and youth.
“As a result, over 5,000 female smallholder farmers learned good agronomic practices, financial literacy, and leadership skills and supported 2,600 youth-led businesses to gain access to finance”, Corzine said.
According to her, the Agribusiness Investment activity is one of several programmes intended to advance inclusive economic growth in Nigeria.
“As we celebrate five years of significant achievements in the Agribusiness Investment activity, we urge the Nigerian government and financial sector counterparts to continue to advocate for pro-business policies in the agricultural sector such as the Investment and Security Bill 2022.
“This piece of legislation is essential to increase access to finance for agribusinesses and smallholder farmers in Nigeria. To obtain the best results, it is essential that public and private sector actors continue to collaborate, debate, develop and monitor the implementation of policy reforms”, she added.
In his remarks, the permanent secretary of Federal Ministry of Agriculture Dr Ernest Afolabi Umakhihe said the agribusiness financing initiative is key to strengthening the Nigerian Agriculture sector but the policy approach and much-needed interventions remain largely inconsistent.
Represented by the director of Special Duties in the Ministry, Fausat Lawal, Umakhihe said food security is threatened by drought, floods and erosions in the country.
“This situation negates the realization of the Federal Ministry of Agriculture & Food Security’s mandate and the overall agenda of Mr. President on food security.
“In this regard, the Ministry has keyed into digital Agriculture via the use of information technology equipment along the value chain, for enhanced agricultural development that will help improve agricultural productivity, reduce food wastage and alleviate the effect of climate change”, the Permanent Secretary said.
