Osinbajo says govt processing $300m for 5,000 agric SMEs

Vice President Yemi Osinbajo on Tuesday promised the mobilisation of $300m to support investment and boost business in the agricultural sector in the country.

He said the fund which aims to reach at least 5,000 small and medium enterprises would be in collaboration with the the United States Agency for International Development (USAID)

Osinbajo made this promise while speaking during the launch of the initiative in Abuja.

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.”

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The USAID Contractor of the FTF Nigeria Agribusiness Investment Activity, Adam Saffer, explained that FTF Activity in order to help Nigeria reach the target included 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.

He noted that, with a more efficient agribusiness sector, food generation, better income and more inclusiveness of women and youth, the country could 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,” he added.

Kaduna, Niger, Kebbi, Benue, Delta, Ebonyi and Cross River States are targeted under the initiative.

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