Agribusiness: USAID Calls For Increase Access To Finance

The Nigerian government and other stakeholders have been called upon to continue with the advocacy for pro-business policies in the agricultural sector so as to increase access to finance for agribusinesses and smallholder farmers in Nigeria.

The  USAID-Nigerian Economic Growth and Environment office Director, Ms Michelle Corzine,  made the  call at  the agribusiness investment Closeout and Dissemination event of the US Agency for International Development, USAID, through the Feed the Future initiative in Abuja, Nigeria’s Capital.

Ms  Corzine commended Nigeria for its improvement in the promotion of investment opportunities for agribusinesses.

“We have seen marked improvements in the ease of doing business in the Nigerian agricultural sector, mitigation of risks to lending institutions, and promotion of investment opportunities for agribusinesses to expand.” She said

Corzine also noted the significant role Agribusiness investment plays towards Nigeria’s sustainable agriculture-led economic growth.

” through consistent, structured dialogue, consultations and Co-creation of solutions to improve the ease of doing business in Nigeria in the agricultural sector, the agribusiness investment activity contributed to the formulation, revision, and recalibration of twenty-two policies and regulatory frameworks.

 Agribusiness investment plays an important role in empowering women and youth with skills essential to Nigeria’s growing agro-based economy. as a result, over 5000 female smallholder farmers learned good agronomic practices, financial literacy, and leadership skills and supported 2,600 youth-led businesses to gain access to finance.” She noted.

According to the Permanent Secretary, Ministry of Agriculture and Food Security in Nigeria, Mr. Ernest Umakhihe, the promotion of inclusive economic growth in the country is key to strengthening Nigeria’s agriculture sector.

“optimisation of agricultural activities can be achieved through private sector-driven SMART agriculture hub. This will enhance bio-diversity, enrich soils, improve water sheds, promote organic farming, and enhance ecosystem support services.

The achievement will be through the building of robust mechanisms for weather and climate information sharing to farmers, deployment of innovative technologies for efficient utilisation of land, water and input and the use of greenhouse in rural communities.” He stressed.

Since 2008, USAID, through the Feed, the Future Initiative has been combating global hunger.

These  activities made it possible for partners to address the root cause of hunger and poverty.

It has also connected over 18000 micro, small, and medium agribusiness to private investors as well as mobilising more than one hundred and eighty-eight billion Naira in private debt and equity financing across seven states in Nigeria.

Shakirat Sadiq