US Gives Grants Worth $244 Million To 18,000 Small Businesses In Nigeria

GOOD NEWS: As US Government Through “USAID” Gives Grants Worth $244 Million To 18,000 Small Businesses In Nigeria

The US has given grant “Financial support” worth over $244 million to small businesses in Nigeria as multiple reports claims

The grant “support” came from USAID to over 18,000 Nigerian small businesses which amounts to almost 2 billion naira when converted to Nigerian currency.

Also published is Punch News, one of the leading news outlets in Nigeria on the 26th of October, though we are yet to get the names of the small businesses that benefited from the grants, till then a publication will be made in that regards

Furthermore, it was stated that the United States has extended its support to the 18,000 small businesses in Nigeria to boost economic development and entrepreneurship across the nation

With an investment of $244 million United States Dollars, the initiative would impact the local business landscape directly, ushering in a new era of growth, opportunity, more job expansions, and employment for innocent Nigerians.

This coming from the United States government, through the US Agency for International Development, celebrated the achievements of the five-year “Feed the Future Nigeria Agribusiness Investment Activity (Program),” on October 10.

It stated that “The over $15.7 million agribusiness investment activity assisted more than 18,000 small businesses, also known as micro, small, and medium enterprises, in seven states namely– Benue State, Cross River State, Delta State, Ebonyi State, Kaduna State, Kebbi State, and Niger states respectively.

Adding to that “The initiative has so far mobilized more than ₦188bn ($244m) in agricultural investment, thereby providing access to finance, and bolstering their businesses.

While the MSMEs are now able to expand business operations for increased food production, specifically for aquaculture, cowpea, maize, rice, and soybean.”

Agriculture accounted for a substantial part of Nigeria’s economy with over 35% of Nigeria’s workforce being employed in the sector, according to the statement.

It also report’s that Nigerian agriculture had economic potential if the high cost of doing business, limited access to finance and investment, and high regulatory barriers could be addressed to the benefit of the Nigeria business owners

It will interest you that, the USAID/Nigeria Economic Growth and Environment Office Director, in the person of Michelle Corzine, said, in the quote below

“We have seen remarkable improvements in the agricultural sector, to which public and private-sector actors must continue to collaborate to ensure that we continue to improve the business environment for Nigeria’s farmers”.

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