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US invests $2 billion in Nigeria’s Agric sector

By on August 30, 2012

Agric Minister, Akinwunmi Adesina

The National President, Nigerian-American Chamber of Commerce, Mr. Sam Ohuabunwa, has said that the United States government has invested $2bn (N314bn) in the Nigerian agricultural sector.

Ohuabunwa said this in an interview with the News Agency of Nigeria in Lagos on Wednesday.

He also said the US government was also interested in developing Small and Medium Enterprises in the country.

The NACC president said the US was interested in the development of the Nigerian agricultural and SME sectors because of their importance to economic recovery and manufacturing.

He said, “The investments are made available to support these two areas because all over the world, small and medium enterprises hold the economy.

“Agriculture and agro-processing, power, security issues, as well as other human development areas such as health and education are focus policy areas of the American government for Nigeria.”

According to Ohuabunwa, the $2bn grant is also being provided to promote wider use of solar and green energy by SMEs.

“Electricity is a major issue in Nigeria. Many businesses have folded owing to inadequate electricity supply. The US wants to encourage the development of power generating capacities in the rural areas,” he said.

Ohuabunwa told NAN that the US Export and Import Bank was also making funds available to prospective Nigerian agro-allied entrepreneurs, who might want to make use of American technologies.

He said the US government was working with civil society groups and some Nigerian banks to ensure that the grant was properly disbursed.

“We will collaborate with non-governmental organisations, government agencies, some commercial banks and with our Bank of Industry to allocate the grant to legitimate SMEs,” he said.

The NACC president, however, said SMEs must be registered in accordance with Nigerian laws to qualify for any grant.

He said that it would be an advantage if the SMEs were members of the chamber so that they could be recommended to get grants.

 

Source: NAN