Nigeria, US to mobilise $300m for agribusiness
The Federal Government, the United States and other stakeholders have mapped out strategies to mobilise $300m to support investment and boost business in the agricultural sector in the country.
The fund aimed to reach at least 5,000 small and medium enterprises in order to expand opportunities for agribusiness borrowers and lenders in Nigeria.
Vice President Yemi Osinbajo, while speaking during the launch of the initiative in Abuja on Tuesday, said the Federal Government was creating the enabling environment and would ensure coordination among the states, the Federal Government and the US to achieve the target.
Represented by Andrew Kwasari, Senior Policy Adviser in the Office of the Vice President, Osinbajo noted that “the synergy between the US, the Federal Government and the states is a way for the future.”
The USAID Contractor of the FTF Nigeria Agribusiness Investment Activity, Adam Saffer, explained that Nigeria had tremendous opportunity to take advantage of the arable land in the country, abundant water, human resources, fertile soil and many other things that should make Nigeria not only self-sufficient but also the food basket of the region.
He said, “FTF Activity in order to help Nigeria reach the target is working with financial institutions, investors, agro data, processors and other businesses and producers to create a more enabling environment to attract those finances and investors.”
“With a more efficient agribusiness sector, food generation, better income and more inclusiveness of women and youth, we can end up with a better quality food at a lower price. Our activity is trying to activate $300m from the investors, from the banks and from the finance institutions to make this happen.”
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Source: The Punch, August 2019