A support and investment initiative of $300m in which 5,000 SMEs in agricultural sector are to benefit from has been developed by the federal government of Nigeria.

Vice President, Prof. Yemi Osinbajo, who recently disclosed this in Abuja at the launch of the scheme stated that it is a partnership with the United States of America and the Cultivating New Frontiers in Agriculture (CNFA).

Commenting on the partnership between the United States of America and the federal government, Osinbajo said the synergy is a way for a greater Nigerian future.

Adam Saffer, the USAID contractor in charge of the Feed the Future (FTF) Nigerian Agribusiness Investment activity said that Nigeria possesses arable land, mass bodies of water, human resources, high-yielding soil, and natural resources and could make the country a self-sufficient agricultural nation.

“FTF investment 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 $300million from the investors, from the banks and from the finance institutions to make this happen” Saffer said.

The targeted states under this investment initiative of the federal government are Benue, Cross River Delta, Ebonyi, Kaduna, Kebbi and Niger.