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By Ibrahim Danladi

The United States is providing substantial support to 18,000 small businesses in Nigeria, aiming to stimulate economic development and entrepreneurship in the country.

Through a $244 million investment, this initiative is poised to transform the local business landscape, ushering in a new era of growth and opportunity.

The United States government, in partnership with the US Agency for International Development, celebrated the accomplishments of the “Feed the Future Nigeria Agribusiness Investment activity” on October 10. This $15.7 million agribusiness investment initiative has played a pivotal role in assisting over 18,000 small businesses, also referred to as micro, small, and medium enterprises, across seven Nigerian states: Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.

The project has mobilized over N188 billion ($244 million) in agricultural investments, granting these businesses access to much-needed finance and providing substantial support to bolster their operations. As a result, these micro, small, and medium enterprises are now well-equipped to expand their business activities, particularly in the fields of aquaculture, cowpea, maize, rice, and soybean, significantly boosting food production.

Agriculture plays a significant role in Nigeria’s economy, with approximately 35% of the country’s workforce employed in this sector. While the Nigerian agriculture sector boasts significant economic potential, it has been hampered by challenges such as the high cost of doing business, limited access to finance and investment, and regulatory barriers.

Michelle Corzine, the Director of the USAID/Nigeria Economic Growth and Environment Office, emphasized the importance of continued collaboration between public and private-sector stakeholders to enhance the business environment for Nigeria’s farmers. She noted the remarkable improvements in the agricultural sector and stressed the need for sustained efforts to benefit Nigerian farmers and the economy as a whole.