USAID invests $15m in Nigeria’s agri-business sector

The U.S Agency for International Development (USAID) in Abuja has launched a $15 million dollars Feed the Future (FTF) Nigeria activity to boost agri-business to improve at least 5, 000 small and medium enterprises.

The five-year investment plan will be implemented in seven states in the country, including Kaduna, Niger, Kebbi, Benue, Delta, Ebonyi and Cross Rivers.

The programme also aims at growing the initial $15 million investment to $300 million with an expectation of $200 million in new agricultural finance and $100 million in new agricultural investments.

Chief of Party, USAID’s FTF Nigeria activity, Dr. Adam Saffer, said the FTF agri-business plan seeks to strengthen enabling environment to promote private sector investment in the agricultural sector.

Saffer said that to achieve this, the programme is focusing on three main components, which includes improving ease of doing business in the agricultural sector, broadening access to finance and promoting investment opportunities.

“Nigeria has tremendous potentials to becoming world class producer of grains and feed itself as well as feed the region. We believe that Nigeria has the ninth arable land in the world, plenty of good soil, rain, human resources so we are focusing on creating a legal and regulatory framework that is attractive to farmers.

“Secondly, is to get the banks to understand, to be more interested and to reduce the risk of making loans in agriculture, so this could be bank loans but they could also be input loans from the agro processors.

“The third pillar is attracting investment into the agriculture arena, creating new plans, new feed mills and not only bringing in Nigerian investors, but international investors.

“At the end of the day, we are looking at the agro-business sector of Nigeria being not only able to improve incomes and job opportunities, but also better quality food for the Nigerians.

“Lower import of food, better pricing along the value chain. Nigeria is one of the greatest potential to take advantage of the agric sector,” Saffer said.

Vice President, Prof. Yemi Osinbajo, lauded the FTF project, saying it is in line with Nigeria’s plans of improving the agricultural sector and reducing the nation’s reliance on oil.

Osinbajo, who was represented by his Senior Policy Adviser, Dr. Andrew Kwasari, said that the synergy between the federal and state governments and the United States is strategic to achieving the FTF Nigeria plan.

The vice president said that the agric sector is key to the growth of the nation’s economy as it employs the largest proportion of the nation’s pollution, which are the youth. (NAN)