Nigeria’s Agriculture Sector Boosted with N1.3bn Grant
Lagos, Nigeria | October 29, 2008 by
The US government has provided a grant of N1.3 billion to develop Nigeria’s agricultural sector. The loan is part of the partnership between the United States Agency for International Development (USAID), Bank PHB and Skye Bank. The partnership is being implemented under the Development Credit Authority (DCA) programme.
The programme allows the U.S government, through USAID, to issue partial loan guarantees to pursue developmental goals.
U.S Ambassador to Nigeria, Robin Sanders said at the inauguration of the partnership that the grant would be made available in the form of credit to small and medium enterprises (SMES) in the country. “The partnership targets enterprises that add value throughout the agricultural community business cycle.”
“It will further stimulate the economic growth in the communities where these enterprises do business as well as the broader agricultural sector,” Sanders said. She said that the partnership would also complement government’s efforts to enhance the sector by increasing financial access to farmers and agricultural commodity processors.
“Our partnership with these banks also complements government’s efforts to promote enterprise development through its National Economic Empowerment and Development Strategy (NEEDS),” the envoy said.
Also, the USAID/NIGERIA Mission Director, Ms Sharon Cromer said that USAID is supporting agricultural commodity value as part of its poverty alleviation strategies.
She urged farmers and entrepreneurs to take advantage of the guarantee programmes and access the facilities.
The leadership of both banks committed themselves to ensuring the successful implementation of the partnership project.
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